My flat is in negative equity and i am also in arrears i cannot afford to keep it any longer and i want to declare bankruptcy to have this all taken away from me. How do i go about it? Will the bankruptcy result in the property being repossessed or will i have to hand my keys back to my lender before i go bankrupt?
The bankruptcy and repossession hearing are two different processes, one does not automatically trigger the other but the circumstances are linked.
yes the negative equity in your property and associated debts can be included in the BR petition but you do not have to wait until the house is sold / repossessed to petition for bankruptcy.
speak to your lender and find out procedure for voluntary surrender.
I want to declare bankruptcy. How do I go about it ?
Posted - 14 September 2011 : 14:09:17
