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covguy
Starting Member
United Kingdom
4 Posts |
 Posted - 07 April 2009 : 23:47:26
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Hi,I am due in court on May !st for a re-possesion hearing.I have every intention of declaring bankruptcy(unsecured debts of £23k,mortage arrears and negative equity),should i do this before the re-possesion hearing or doesn't it matter either way
Hope someone can advise,Paul
paul smith |
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Sunshine_Girl
New Member
77 Posts |
Posted - 08 April 2009 : 01:08:50
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Hi
I went bankrupt in August and I'm going for voluntary repossession soon. I kept my home due to negative equity but want to ditch the flat and have the shortfall owed on my secured loan discharged along with my unsecured debt after the repo’.
I should be eligible but there are so many catches and loopholes that I reckon it's safer to do the repossession first, then the shortfall owed to your mortgage lender and/or secured lender is guaranteed to be included.
If you do it the other way round, make sure you don't sign a deed of acknowledgement, buy out your beneficial interest or enter into an arrangement with your secured lenders, as any of these could mean you wouldn’t have the shortfall discharged.
Further info’ at:
http://www.insolvency.gov.uk/faq/faq.htm#16
You should also consider the fact that being accepted by a landlord for rented accommodation would be far easier before the bankruptcy, as once that’s on your credit file, it could result in you being turned down.
Hope this helps!
SG |
Edited by - Sunshine_Girl on 08 April 2009 01:24:55 |
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Bankruptcy before re-possesion?
