My husband and I have a mortgage and secured loan on a property in Scotland. Recent valuation given on property is £16000.00 short of redemption figures. We therefore cannot sell the property, now live in rented property in England. We have other debts too. Can we declare ourselves bankrupt with the secured debt problem?
You should be able to make yourselves bankrupt but before you do, I really need to know how long you have lived in England. There are strict rules surrounding where you make yourself bankrupt and Scottish Bankruptcy laws are different from those of England.
If you come back with the information requested, I can give further details.
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.
My husband moved here in May and I moved down in July. We didn't realise that we could not sell the house if the outstanding amount was more than the value of the property. This has only been since house prices have dropped dramatically over the passed few years.The value has gone from £140,000 to £95,000.
Can we declare ourselves bankrupt ?
Posted - 30 November 2011 : 23:12:20
