My wife & I are considering bankruptcy as our company has failed, owing @ £85k to creditors (inc Lloyds TSB @ £52k) We have around £36k personal finance debts. Our property is valued at £350k and our mortgage is £310k & 2nd charge £53k (so negative equity). If we go bkrupt will our house be taken from us? We have no other assets other than basic furniture.
If a property is in negative equity then you have the option of buying it back from the OR for a token fee of £1 plus costs of £211. You will, of course, need to keep up the mortgage repayments.
yes, you would need to keep up the mortgage and secured loan payments.
do you know what ratio these payments are to your monthly income? I know some ORs do not like to see a high ratio when you could rent a similar house for less.
yes, you would need to keep up the mortgage and secured loan payments.
do you know what ratio these payments are to your monthly income? I know some ORs do not like to see a high ratio when you could rent a similar house for less.
My mortgage is £800 p/m and secured loan £450 (inc. repaying arrears on both). Income is a sore issue as we are both self employed and do not have a definite amount coming in each month.
do you know what ratio these payments are to your monthly income? I know some ORs do not like to see a high ratio when you could rent a similar house for less. [/quote]
My wife & I are considering bankruptcy
Posted - 19 June 2009 : 10:01:13
