I was declared bankrupt (by myself) in February this year. I find that I am unable to pay my mortgage and secured loan and have not made payments since my bankruptcy. I have decided to have my house repossessed but do not know how to go about it and am worried that I will be liable for the shorfall and associated fees related to the eventual sale of the house. I would really appreciae any advice you can offer.
Hi there and welcome to the forum. As you have already filed your petition the best advice i can give you is for you to give your OR a ring and discuss the details with them, there will be no difficulty in voluntarily handing back the property, and any shortfall will be included in the bankruptcy. May I ask: is the property jointly owned? did you both file for bankruptcy?
I ask as if the property is jointly owned and only one of your were bankrupt the other 'non insolvent' party would be liable for any shortfall on the property. If the answer was yes to both there would be no problem. Please let me know so i could advise further
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Thanks for getting back to me so quickly. I am the sole owner of the house, my sister and my niece live with me but have no financial interest in the property.
So, just to clarify, I should ring the OR's office and speak to the person dealing with my case and say I want to be voluntarily repossessed and he should be able to advise me what to do? I am from Northern Ireland, so I am not sure if the process is the same as the rest of the UK.
Just ring and ask if possible to speak to the person with whom you had your initial interview, or whoever is now dealing with your file, but first port of call ask to speak to who you initially dealt with
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
I was declared bankrupt (by myself) in February
Posted - 02 April 2009 : 13:11:11
