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 Bankruptcy before or after repossession ?
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sadi_93
Starting Member

United Kingdom
2 Posts

Posted - 14 August 2011 :  06:58:13  Show Profile  Reply with Quote
Hi there,
I currently own a home which is going to be repossesed very soon. i would like to declare bankrupcy so i can make a fresh start as i have a lot of negative equity in the property and once the repossesion is complete will leave me in a lot more debt then i am at the mment. i recently lost my job and as now a carer for my brother and living wih him.
would it make any difference if i wait until the repossesion is complete or if i do it now?

Niobe
Administrator



United Kingdom
4590 Posts

Posted - 14 August 2011 :  08:34:05  Show Profile  Reply with Quote
Hi and welcome - I don't think it makes any difference when you do it as any shortfall will go into the bankruptcy anyway.

Hopefully one of the experts can clarify.

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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Richard P
Senior Member



United Kingdom
1701 Posts

Posted - 14 August 2011 :  12:26:48  Show Profile  Reply with Quote
finding alternative accomodation is the issues which may effect the timing or petitioning for bankruptcy



Good Luck Richard,
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Niobe
Administrator



United Kingdom
4590 Posts

Posted - 14 August 2011 :  19:41:45  Show Profile  Reply with Quote
The OP is living with his/her brother as a carer so I don't think looking for anywhere else to live is a problem.

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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