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WT71
Starting Member
22 Posts |
 Posted - 19 May 2009 : 10:17:49
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HI, Can my petition for bankruptcy be refused? I am in employment and my debt outgoings are roughly 50% of my incomings. I own my own house which is in negative equity. Will the reciever give me a period of time to seek new rented accomodation before my mortgage company evict me?
Many thanks |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 May 2009 : 10:34:51
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Provided you are insolvent (i.e. your outgoings are more than your incomings), you are resident in the UK, you have sought professional advice, have correctly completed the SOA form and have the £510 BR fee then there shouldn't be any reason your will be refused BR.
It is normally best to sort the housing situation out before hand and maybe find some rented accommodation before your BR date. I am not too sure of the exact time period that you will have to stay in the property after being declared BR.
Speak to either the CCCS, CAB, National Debtline or use the 'experts' link on the left of the page to contact one of the professional advisors that frequent this board. |
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Deedee
New Member
United Kingdom
60 Posts |
Posted - 19 May 2009 : 10:37:50
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If you had no debts would you be able to afford the mortgage and any secured loans? If so you won't necessarily loose your house.
As GOOD has said contact one of the debt charities for some professional advose on bankruptcy. |
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WT71
Starting Member
22 Posts |
Posted - 19 May 2009 : 11:11:14
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Thanks for your responses. Just a last quick question, Can I choose to give the house up or can they force me to stay??
Many thanks |
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Deedee
New Member
United Kingdom
60 Posts |
Posted - 19 May 2009 : 11:21:07
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If you want to give the house up then that is fine, they cannot make you stay at all.
If you are certain that bankruptcy is for you and you have taken the apropriate professional advice then stop paying your mortgage and save for the rental deposit and rent, moving costs and bankruptcy fees. |
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WT71
Starting Member
22 Posts |
Posted - 19 May 2009 : 11:35:11
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I was considering doing that but a friend said that the OR could look at this as fraud. Would that be the case?
Do you thing that the OR would let me save enough money for a deposit immediately after I go BR? |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 May 2009 : 11:40:02
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It would be better to cease mortgage payments, fund a deposit, secure alternative rented accommodation then petition for bankruptcy the reason being it can be difficult to obtain rented accommodation with a bankruptcy order on your credit file as a search would be carried out, some landlords want six months rent upfront and a guarantor for the rent, you can save yourself all that hassle by securing rented accommodation prior to filing for bankruptcy
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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WT71
Starting Member
22 Posts |
Posted - 19 May 2009 : 11:59:19
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| One problem there, my court date is the middle of next month. |
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Deedee
New Member
United Kingdom
60 Posts |
Posted - 19 May 2009 : 12:08:58
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| Entirely up to you but you can postpone it until you are in rented, it will not be a problem or you can go ahead with the court date and hope you can get into rented with bankruptcy on your credit file. Which won't be impossible but will make it a bit more difficult. Put the mortgage down on your SOA and just save it. But do explain to your OR what you are doing. |
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WT71
Starting Member
22 Posts |
Posted - 19 May 2009 : 12:11:19
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| Thanks Deedee, I will keep you updated after my meeting with the CAB tomorrow. |
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Deedee
New Member
United Kingdom
60 Posts |
Posted - 19 May 2009 : 12:12:40
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No problem.
Will look forward to hearing what thet say.
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ripski
New Member
United Kingdom
90 Posts |
Posted - 20 May 2009 : 07:08:28
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I put my mortgage payments down on S o A
Missed one mth due to my car "dying" and needed it for work then missed the next for rent etc
Told OR at Tel interview -fine and acceptable
ripski1 |
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Topic |
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HI, Can my petition for bankruptcy be refused?
