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abd
Junior Member
284 Posts |
 Posted - 18 September 2008 : 23:48:30
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I have been declared BR in May this year, live with my family in arented house, hopefully if iam discharge after a year, with the help of my wife's family ,we would like to buy our own house .
the fact that i may get BRU, scares me with regard to buying in the future, cause if we buy a house and I get a BRU for more years, how would that affect the equity in a house if iam the one to pay the morgaGE AND LIVES IN THE HOUSE?
Will the OR put his hand on my part of the house even if iam dicharged,but has BRU?
Does a BRU means a delay in the discharge as well?
kind regards |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 September 2008 : 07:05:24
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Morning abd
I am not 100% sure on how to answer your question but rather than you feel no one is around i thought i would say hang on in there and someone will be along soon to help you out.
Take care.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 19 September 2008 : 08:32:50
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Hi
a BRU does not mean the OR has claim over your assets for the duration. Once discharged, which should not be affected by a BRU, you are free to purchase assets which would be "safe".
However, once you are discharged, with or without a BRU it will be some time before you could obtain a mortgage and even then you will need a substantial deposit and be prepared to accept quite a high (adverse) interest rate.
As the housing market problems get progressively worse so the ability to acquire a mortgage becomes tougher and tougher. Being an ex bankrupt will no doubt compromise the situation further.
So technically you need not worry but in reality I suspect you have quite some time to wait before buying a property is a viable prospect.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
Edited by - John on 19 September 2008 09:22:22 |
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BR,discharge and morgage
