we have an interest only mortgage. And owe more than we borrowed. Our last property was reposessed, and the outstanding balance is 36000 pounds. Can we declare bankrupt and keep our house. We have other debt as well. and have more going out per month than is coming in. Many thanks
The shortfall from your previos property can be included and written off in a BR. As your current property is in negative equity, the OR will just sell your beneficial interest (you can nominate who) for £1 + costs (circa £211) which will enable you to keep the property.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
Can we declare bankrupt and keep our house?
Posted - 04 September 2008 : 11:52:15
