i have depts of approxiamatley £50,000 and may be out of work, i have no savings or other assets,i do have a intrest only mortage with capital of about the same amount of dept, if i declare myself bankrupt will i be force to sell my house.
If you have around £50,000 of equity and have no one who can buy your interest from the trustee then it is likely that you will have to sell the property at some point. I would suggest that in those circumstances that bankruptcy may not be the best immediate solution, It may be better to negotiate redusced payments until you do find other work in the meantime, Bankruptcy is a final solution and as such will always remain available if necessary even if you try something else first.
If you speak to one of the debt charities they can provide information regarding the options available to you
approximately £50,000 debt and may be out of work
Posted - 19 June 2011 : 18:37:37
