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John.27
Starting Member
3 Posts |
 Posted - 18 October 2011 : 22:00:13
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I have built up some debts, mostly unsecured but do owe HMRC. (Accounts are being done at moment) I may be forced to declare bankruptcy. The problem is my parents live with me. I own the house on mortgage and estimate there is £10,000 worth of equity in the property. I've been told that the receivers will want that equity. I can deal with being bankrupt as it was my own fault. The big concern is that I will be forced to sell the house leaving me and my parents homeless. Worried more for my parents.
Is there anything that can be done to keep the house?
Are the receivers likely to just throw us all out?
Do we have any options available?
Thanks
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 October 2011 : 07:19:56
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Hi John,
Get some quick sale valuations done by local estate agents and work out how much equity there is, as it may be less than you think then see if you have a family member or friend who can raise that amount of money to pay to the OR.
Speak to an expert John as there may be other options.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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John.27
Starting Member
3 Posts |
Posted - 19 October 2011 : 17:30:24
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I've had 3 valuations all pretty much the same meaning equity of 10-12K, although that was for price to put on market.
Are there any clauses based on that my parents also live with me, or are they pretty gung ho and don't really care?
Also, is it 100% true that another family member or friend can hand over the agreed equity and the house can be kept?
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John.27
Starting Member
3 Posts |
Posted - 19 October 2011 : 17:34:27
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Another question.
Who would I need to go and see to get the most accurate advice, in terms of the benefits and consequences of bankruptcy, and get advice on best way to proceed? I am prepared to pay for the advice, as at the moment all I keep getting is hear say and what "might" and "might not" happen.
John
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 October 2011 : 22:49:47
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Click on the experts link on the left hand side of the page and give one of them a ring - they will be pleased to advise you.
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
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Topic |
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I have built up some debts, mostly unsecured but do owe HMRC
