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leanne.k
Junior Member
170 Posts |
 Posted - 20 March 2008 : 18:24:40
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Hi,Me and my husband have two children we own our own house really struggling to pay all our bills,loans and mortgage.My loan payment is as much as my mortgage.We have 50,000 unsecured,30,000 secured as well as my mortgage of 130,00.there is no doubt we need to go bankrupt but can they take our house. It is really worring us and need advise asap so we can get this sorted.our monthly income is good and we can survive if we haven't got this amount of debt.Please can you advise.
Our house is only valued at 145,000.
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 20 March 2008 : 19:34:18
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Hi Leanne,
Welcome to the Forum,
When was the property last valued?
were did the £145,000 valuation originate from?
From the sounds of it you are £15,000 in negative equity with a mortgage of £130k and secured loans of £30k, on this basis you would not lose your home in Bankruptcy.
A property in negative equity would command you and your husband purchasing back the beneficial interest from the OR for £1 plus legal fees of aroun £210, therefore excluding your property from being lost to you.
You would then write off £50,000 of unsecured debt via bankruptcy, and as you say be able to survive without this debt.
I hope this sets your mind at ease a little.
Kind Regards,
Brett England
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 20 March 2008 : 20:59:37
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Hi Leanne
AS Brett mentioned with a negative equity your home should not be at risk and there is a process that will enable you to buyback the Beneficial interest ( equity)
Bankruptcy sounds like the best option and i suggest you talk with an expert like Brett to ensure all other areas are covered
All the best Alan
www.debtdr.co.uk |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 March 2008 : 22:44:37
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Hi Leanne
Would also agree that if he house is in negative equity it would be safe and not lost in Br.
You may want to have a chat to an expert to give advice on the forms, court procedures and what your allowances are for income & expenditure
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 March 2008 : 20:35:47
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Hi Leanne,
I agree with Brett, Paul and Alan in that the house would not be lost due to the negative equity position.
All the best
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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loan payment is as much as mortgage
