We have a property in Cyprus but the deeds are not available yet. This makes selling this property impossible even though we do have equity in it. Our UK residence is in negative equity but we have an offer on it but the 2nd charge lender has declined the shortfall application. Is Bankruptcy our only option?
From the little information that you have given the forum, it does sound as if bankruptcy is your best option. Certainly any shortfall in the sale of your UK property, and possibly the debt to the second chargeholder, will be written off. However it is more than likely you will lose the overseas property.
I suggest that you speak to one of the experts who regularly contribute to tthis forum.
Kind regards
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.
You did not mention about having any unsecured debts or details of the 2nd charge on you main property, or if you had a regular monthly income, bankruptcy could well be the sledgehammer cracking the nut here
Is bankruptcy our only option ?
Posted - 27 September 2011 : 10:37:35
