Hi,iam due in court for a repossesion hearing on may 1st,i have every intention of declaring bankruptcy,should i do this before the re-possesion hearing or doesnt it matter either way?
Im no expert but been in bankrupsy my self... have a lot of knolidge on it... Experts should be on soon to help you & give you the right advice on what is best to do...
Have you got some where to live after the repossesion takes place... Are you living in the property now ???
if you plan for the repossession to proceed as the mortgage payments are not affordable your priority is to source alternative accommodation. If you are thinking of renting privately it's best to secure the rental property before bankruptcy as credit checks are carried out.
After the repo hearing you will have a mandatory 28 days to settle the arrears. The lender will then arrange a further court hearing and apply for an eviction notice which is likely to take a further 2 weeks at least. Once the eviction notice is granted things move extremely quickly.
So, source alternative accommodation asap. You have approx 9 weeks before eviction. I would declare bankruptcy once in your new home.
Remember you must petition the court which holds jurisdiction in bankruptcy over the address at which you have resided for the greater part of the 6 months immediately prior to the petition date.
You should check which court is correct and contact them to see how long you may have to wait for your appointment to petition the court.
Hi,iam due in court for a repossesion hearing
Posted - 08 April 2009 : 08:46:00
