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BISHBOSH
Junior Member
United Kingdom
179 Posts |
 Posted - 15 June 2009 : 19:48:52
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| Will have to go bankrupt in the next couple of months or so, my question is, as we have maybe £10 000 equity in our home with debts of £80 000, would the or allow us to stay in our home for a year after we are made bankrupt, we have 2 kids, 18 & 13, or would he just tell us to leave. any advice would be appreciated thanks |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 June 2009 : 20:41:09
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Hi,
You may find you have less equity than you think. Have you had a valuation done recently? You might be surprised.
The glimmer gets brighter all the time
Jan
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BISHBOSH
Junior Member
United Kingdom
179 Posts |
Posted - 15 June 2009 : 20:51:23
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hi kallis, had a valuation done 3 months ago, and have taken into account recent falls in prices, so £10 000 equity sounds about right.
houses in my area seem to be holding their prices pretty well, unfortunatley!! we cant hold on much longer hoping to slip into neg equity. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 June 2009 : 20:57:50
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Sorry about that - it was just a thought.
Hopefully on of the experts will be along to help you out.
The glimmer gets brighter all the time
Jan
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 16 June 2009 : 08:07:16
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If you have equity in the property then the OR would want to release this in order to pay your creditors. This would either be by selling the property or if the property is joint names and the other person isn't declaring BR then they would have the opportunity to buy your share of the equity i.e. you declare BR but your partner doesn't, £5k of the equity would be yours so your partner could pay this amount to the OR. You would still need to keep up with any mortgage repayments.
Normally when people declare BR they either give up the property for repossession as they haven't paid the mortgage for several months or, if the property is in negative equity and they have kept up with the mortgage repayments, they buy back the property from the OR for £212. |
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BR & House Expert please
