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grahamdh
Starting Member
6 Posts |
 Posted - 29 December 2008 : 17:19:30
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Hi
I am about to go bankrupt and have a couple of questions:
1. I have approx £150K of credit card debt, around £250K debt to HMRC, and I have a secured loan of £75K on the house. With the secured loan and the mortgage I owe around £300K and the house value is around £295K so we have just dropped into negative equity. The house is in joint names, My wife does not work and I have been self-employed for the last year but have just lost my main source of income. We have three kids (5,9,and 11) living with us. My question is, what is likely to happen to the house? There are no current arrears and I am hopeful of picking up another contract to maintain the payments.
2. We have two cars one in my name, valued at £800 and one in my wife's name valued at £4,800. I need one for work, she needs one to take the kids to school. I moved the latter into my wife's name last year. Will I be made to sell the car, can I keep both, or will it be better to sell the expensive one before going bankrupt?
Many thanks
Graham
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 December 2008 : 17:24:24
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Hi
the official receiver is likely not to be interested in the property if it is in negative equity. However they have recently been interested in the amount you pay monthly for mortgage / secured loans incase it is unduly high compared to renting.
The main criteria is are you able to maintain the repayments ongoing.
Regarding the cars you will need to declare that you have transfered an asset to your wife a year ago, however prior to Br you are entitled to sell the car and down grade. this would allow you the court fees and a replacement car for her.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
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HiI am about to go bankrupt
