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 i have to give up my job and take a lesser paid job		  New Topic  Reply to Topic
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Nic.kn
Starting Member



1 Posts
Posted - 28 August 2012 :  21:56:28  Show Profile  Visit Nic.kn's Homepage  Reply with Quote
i have to give up my job and take a lesser paid job due to now being a single parent of a 2 year old and childcare issues. Bankruptcy looks and feels like the right option for me. i have a mortgage with northern rock, how do they let you keep your home?

Niobe
Administrator



United Kingdom
4590 Posts
Posted - 28 August 2012 :  22:38:37  Show Profile  Reply with Quote
Hi and welcome to the forum.

If you go bankrupt then the OR will keep an interest in your home for two years and three months before deciding what to do about it.

You will need to keep paying the mortgage and as long as you do then Northern Rock will be fine.

Have a chat with an expert - you can find details under the experts link on the left hand side of the page. You'll get some free advice.
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debtinfo
forum expert



2826 Posts
Posted - 29 August 2012 :  06:44:57  Show Profile  Reply with Quote
first of all, how much is your house worth and how much is owed on the mortgage (also do you have any other debts secured against the property)
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Viki.W
forum expert



United Kingdom
2211 Posts
Posted - 29 August 2012 :  07:19:38  Show Profile  Reply with Quote
Hi Nic.kn, welcome to the forum,

As debtinfo has asked, how much equity do you think there is in your home? Also how much are you paying per month for your secured debts? How much is your unsecured debt?



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
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