My main debt is mortgage, (Interest only on a 2% higer rate £222000)after being badly advised. Others include school fees £18000 and car loan (Direct from employer (Police loan). Obviously i dont want take children out of school and would like to come to an arrangement with them ? Enqs reveal i wont loose my job.If house is taken is mortgage gone or can they still come after me for any balance when im bankruppt ? Also how does this effect if im behind with council tax.
If you went bankrupt children can only remian in private education until natural ages of changing school ie age 7 or 11 after those ages they would have to go into state education - your creditors.OR would not allow thenm to remain in private education past those cut off dates
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
If house is handed back (voluntary repossession or straight forward re possession the 'shortfall' from the mortgage would be included in your bankruptcy.
Council tax arrears for previous years can be included but not current year as you still technically have until end of MArch to pay it
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
My main debt is mortgage
Posted - 16 February 2009 : 12:44:31
