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potless
Starting Member
46 Posts |
 Posted - 30 December 2008 : 15:16:37
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| Im looking to go bankrupt in the new year. I have been living off saving and assets for last 6 months while trying to find work. I have now run out of money. Will I lose my property if I go bankrupt? I have negative equity and a family. Ive also arranged to sign on the dole while I get myself sorted, will this make any difference? I hope to clear all my unsecured debts (£55k) with bancruptcy, then find employment which is sufficient to cover my mortgage and general bills. Is this possible? Any advice would be appreciated. Merry skint xmas |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 December 2008 : 15:45:31
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Hi Potless and Welcome
Well if your home is in neg equity and only you go bankrupt your wife can buy the equity for £1 plus fees £211.
As long as you continue to pay the mortgage payments and dont default then your home should be safe.
Is your partner working? Are you both going bankrupt?
Do you have any other assets?
If you do go BR then you should be able to apply to get a reduction in the fee taking the fee to about £345 from the £495 but you would have to contact your local court and get the form etc posted to you.
You would also need to find the fee, fill in the forms which can be done here :
http://www.insolvency.gov.uk/doitonline/doitonlinemenu.htm
And you will need to ask the court if they do a booking appt system or a turn up system.
Hope that helps.
If you decide to go down the BR route and fill the forms in yourself we can help with any questions on the form just post on here.
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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potless
Starting Member
46 Posts |
Posted - 30 December 2008 : 15:52:38
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| Thanks for the advice. My wife is not going BR as all debts are in my name. My wife does not work as she cannot.Ive no other assets, I would just love to be able to stay in my own home and start a fresh life. Is there any benefit to using a insolvency practioner as apposed to the official reciever? Could they make me leave my house and rent as my mortgage is £900 at the moment and I could probably rent for around £600, although my mortgage payments should drop to around £650 next year. Thanks again. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 December 2008 : 15:56:25
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Hi Potless
If you go BR then an OR will automatically be appointed by the court.
If you can afford the payments and the house in in neg equity then the OR should allow you to stay as to make you leave adds to the debts that you already have so not beneficial to the OR at all.
Why do you want to use an IP?
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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potless
Starting Member
46 Posts |
Posted - 30 December 2008 : 16:11:20
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| Hi Jo. I dont particulary want to use an IP its just there seems to be a lot of negatives about OR's and Im completely new to this. I just want to try and get out of the mess Im in. For the last six months Ive been trying to find a job that gives me enough income to cover all my debts but there are not any out there so i see my only way forward is to go BR and start again with normal outgoings. BR just seems like a great solution and one that I can learn from. Thanks for your advice this is a great site! |
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RHB
Senior Member
1159 Posts |
Posted - 30 December 2008 : 17:36:49
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| How on earth are you going to manage a 900 pound mortgage if you have no work & your wife can't work? |
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potless
Starting Member
46 Posts |
Posted - 30 December 2008 : 17:41:59
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| Well Ive been used to earning over £50k per year until 18months ago and in that time Ive got into a lot of debt. My situation now is that I NEED to earn £50k per year just to stay afloat. If I only have my mortgage to pay Im confident I can find a job that will pay £25k plus. |
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potless
Starting Member
46 Posts |
Posted - 30 December 2008 : 17:44:38
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| If I only have a mortgage to pay my outgoings will less than half so I will be able to find a job that will cover mu payments. |
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Im looking to go bankrupt in the new year.
