I am going to declare myself bankrupt in June 2011.I am facing a court hearing to repossess my house on May 16 2011.I am in a position to clear my mortgage debt by that date.Should I clear the debt or should I let them have possesion of the house? Whats best for me? In either case I will loose house so whats the answer?
If you have assets to clear the mortgage now and don’t clear it the OR may ask you where they are. Going Bankrupt is a way of giving you a fresh start but it is based on trust between you and the OR. Take advice and be honest..you cannot go wrong that way.
You won't necessarily lose your home if you declare bankruptcy, could you afford to keep up with mortgage repayments if you didn't have to pay your unsecured debt? Is there any equity?
I suggest you take advice from an expert on here. You can chat through your situation and make a decision.
Hi moodybluetwo. Thanks for your reply.yes I have the assets to clear my mortgage debt now but am I better of proceeding with the possesion order and clearing some other creditors or should I clear the mortgage debt? Im not sure what way forward has an advantage if any?
I am going to declare myself bankrupt in June 2011
Posted - 03 May 2011 : 14:00:13
