Hi. I NEED some help and advice. This is my situation, I mhave several debts, a mortgage, a loan secured on my loan up to "2,000, credit card debts (several) ect... I have just had my hours cut at work and am losing ober £400 in wages a month. I am considering bankrupcy, and I wanted to know the following: I know i will lose my home, but will the debt of the secured load on it be wiped clear/ clean? Also can my car be taken awaay from me? This is my won car and NOT a company car. Please can someone who's been in this situation give me some answers and advice. Many thanks.
Firstly welcome to the forum If you don't want to keep the house you acn let it get reposessed and any shortfall between the value and the mortgage will be covered in BR as will any secured loan on the house. If the car ius worth £2000 or more or if you don't need it to get to work then the OR will claim it as an asset. If its worth more than £2000 it may be best to sell it and get a car worth £2000 or less and use the money to pay the fees and give the rest to the OR.
If you have any equity in the house and you wanted to keep it you would be offered to get someone to buy the Beneficial Interest in the house otherwise it would be sold and the money raised used to pay your creditors
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
HELP/ AVDICE
Posted - 25 April 2009 : 13:05:10
