i am thinking about going bankrupt for 25,000 the debt is solely in my name ,but we have a joint mortgage which is not in arrears as my wife pays this ,the property is worth 130,000 but the mortgage is for 126,000 will we loose this.
You wont lose your home if you can afford to make the repayments and also if it is only you going BR then your wife can buy the BI which with your calculations would be about 2k.
If you both go BR then a 3rd person will have to make the offer for the BI which would be 4k at the moment.
The prices of houses are going down all the time and whilst thats not good normally for someone who wants to buy the BI in there home it is an advantage.
Remember that secured debts dont get included unless they become unsecured.
Also as long as the payments can be made then there should not really be an issue.
Jo x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
22 Weeks down
30 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 :-)
i am thinking about going bankrupt for 25,000
Posted - 08 January 2009 : 17:08:20
