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suzannebellingham
Starting Member
6 Posts |
 Posted - 16 January 2009 : 15:28:38
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..sorry about so many questions!! :)...
But, please could you tell me, if being passed the debt of your property's mortgage (& secured loan on it),(it will be repossesed with absolutely no equity), which WILL force you into bankrupcy.Does it look BETTER (to the OR) if you declare your OWN bankruptcy FIRST (before the repossession), or AFTER - i.e. they 'sue' (force) you for/into bankruptcy?? - We want to avoid any heavy penalties/restrictions placed because we did things in the wrong order?! Thankyou so much! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 16 January 2009 : 15:33:26
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Hi Suzannebellingham,
I always advocate getting the house reposessed prior to going BR. As you'll need to get a rental, you will struggle to pass letting agents' credit checks if you do it post-BR. Once reposession has occured and you're in the new rental, then declare yourself BR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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suze
Starting Member
4 Posts |
Posted - 16 January 2009 : 15:36:56
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Thats so helpful, THANKS!
But, can i ask, if you do not need to rent for a long time (living with relatives), therefore you dont suffer from this problem, does it still 'look ok' (i.e reasonable behaviour) to the OR, to bankrupt AFTER your repossession? Thanks!.. |
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..sorry about so many questions!! :)...
