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scotsguy37
Starting Member
United Kingdom
2 Posts |
 Posted - 22 July 2011 : 22:34:54
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ok, havent a clue what to do........
saw this forum on the net and thought id ask some advice.
Ok.first some info about me.
I live in scotland, I take home about 1950 a month, my wife is a student but will qualify in next 2 months.
we have 3 kids.
we have a morgage and a secured loan , that plus the other debts is quite frankly killing us, we have 3 months morgage arrears at the moment.
My questions are,
If i go bankrupt can i hand the keys back to the building society and walk away from it and the secured loan,
Im getting comflicting info on this, im told by one person that i will be liable for any debt after they auction it even if im bankrupt.
the thought of this has been the only reason we have continued trying to keep the house going.
How long would i be bankrupt and under financial control ?
when im done being a bankrupt what happens then??
Im sorry if i am not making much sence but its a friday night, im knackered and this whole thing has made me ill(ive high blood pressure now)
HELP!
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 23 July 2011 : 11:46:54
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Hi Scotsguy37.
The application process for bankruptcy is different in Scotland from England and Wales. North of the border you would have to apply by telephone or post to the Accountant in Bankruptcy on 0300 200 2600.
I believe that the same rules apply in property in that you still can walk away from your home and request that it be voluntarily repossessed. Any shortfall or arrears in the mortgage should be written off. I think that for your peace of mind, however, you speak to the Accountant in Bankruptcy.
All the best
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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scotsguy37
Starting Member
United Kingdom
2 Posts |
Posted - 30 July 2011 : 22:23:49
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So what happens to non-dischargeable debts, what are they?
ive been reading bits and bobs on the net and if they sell the house if i walk away, for say 60k and there is 40k debt left and a secured loan of 12k what happens to them? do they become unsecured as the property is sold? am i still liable for this debt?
sorry for all the questions. b.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 31 July 2011 : 09:46:34
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Hi,
They will become unsecured and will be included in the bankruptcy.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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