My husband and i have secured debts of £125,000 and in negative equity. My husband recieves an ill health pension of £700 a month and i am currently unemployed.Would we be able to declare ourselves bankrupt?,would we lose our home?and would our debts be written off? Also if we did lose our home how much notice would we get?
You can declare yourselves BR but you should speak to the CAB, CCCS or National Debtline as you need to seek professional advice before being able to declare yourself BR.
If you house is in negative equity then you can buy the house back for £1 plus a fee of about £211 provided you can keep the repayments up.
All of your debts would be written off except the debts secured on your property if you decided to keep it.
I am not too sure on the time that you would be allowed to remain in the property but I think it can take several months for the mortgage company to go through the courts to repossess the property.
My husband and i have secured debts of £125,000
Posted - 08 May 2009 : 14:28:07
