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lillyb
Junior Member
177 Posts |
 Posted - 18 August 2008 : 17:20:13
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| We have got into difficulties over the past 18 months as my husband has been out of work since March last year. Debts have built up and after speaking to various debtlines, we have now no option but to take the bankruptcy route. We decided to call a halt to it all back in May - put the house on the market but in the present climate we have had 6 viewings since then!! We now have no money to pay any more loans or the mortgage and have now made our appt at the court for early Sept. We have tried to sell our house and in any other climate if it had been sold we would have cleared all of our debts and been left with nothing (other than being able to sleep again at nights!!) We have lived in our house for 20 years and are also separating after 25 years of marriage (quite a year) and now bankruptcy. As it is both my husband and I jointly going bankrupt will we see the OR together or separately? Also once we have had our meeting with the OR - and our house being our only asset at what point do we have to leave our house? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 18 August 2008 : 17:41:30
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Hi Lilly,
Thats a shame about you and your OH. When i had my hearing at the court we went in together, we only saw the clerk and then waited to get the Bankruptcy notice and we were together for the initial interview straight after the hearing.
When we had the main interview we had them seperately mine at 4 OHs at 5 so it is done seperately.
As for the house I dont know, if your not paying the Mortgage now then it would be up the your mortgage company so they would say when they would want you out, that i think is after 3 months arrears and then they go for repossession i think thats about 6 or so weeks, dont 100% quote me on that one of the experts will be able to answer that more accurately but thats what i have been led to believe.
I hope that you can start to sleep at night and start to get your life back on track, i know my home will be gone next year as we wont be able to afford the mortgage payments and the OR will want their share so for us that will be heart rendering, but seeing as most of our debt has gone into the home its a blessing in disguise for us.
Hang on in there and we will all try to help you best we can.
Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!" |
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lillyb
Junior Member
177 Posts |
Posted - 18 August 2008 : 21:23:16
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Thanks Jo, the more I read on this brilliant site the more answers I am getting and although I am really worried and anxious about the whole thing - the fact that there are so many people out there in a similar position to ourselves and the ones that have come out the other side is really reassuring! (I know there is a light at the end of the tunnel - I don't feel it can get any worse!!) I know everybody's circumstances are different but like you all of our debt has been because of our house and I try to look at it that it is JUST A HOUSE, there is more to life and I CAN start again (i absolutely love my house - but not to the point of making myself ill over it - its just not worth it).
Thanks again Jo |
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John
New Member
United Kingdom
73 Posts |
Posted - 18 August 2008 : 21:59:54
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Hi lillyb
just to confirm Jo's advice regarding the house is 100% accurate.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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lillyb
Junior Member
177 Posts |
Posted - 19 August 2008 : 07:52:11
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| Who does the house belong to then? The mortgage company or the OR? Presumably we still have to pay our utility bills while we are there (myself moving out in October) can we withdraw some money now to ensure that we don't get into arrears with any of these bills?? What if we both move out in October and stop all bills - can we do this? Everything seems to get more and more complicated!!!!!! |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 August 2008 : 08:50:01
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Hi lillyb
The house until the Mortgage is paid for belongs to te mortgage company, we technically rent for say 25 years then it will be ours.
When you go BR if theres any monies to release then it will go to the OR for there bit of themoney but the Mortgage company will still own it.
If you have any equity left then the chances are the OR will want to grab that, we have stayed on in our home as we know the OR will want to release the equity and for us it made sense as then they can deal with the selling etc as we have no intention of buying the BI technically the equity and give them the cash as next year we wont be able to afford the mortgage so will have to leave anyhow.
Keep paying utillity bills and if you can get any DDs set in another account.
I hope that this has answered your question, I only have limited knowledge and can only advise on what I have been through.
Hey dont worry it will all turn out ok you know.
I was on a downer yesterday, I think it all got to me and now today im fine, although it been 2 weeks since we went BR and it was the best thing we did.
Oh John thanks i actually got 1 thing right yesterday so im not always in the wrong.(LOL) Meaning my life and my OH,
TTFN
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!" |
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When do we vacate our house??
