Hi there, After 3 years of trying to get our debts under control, the loss of my husbands job earlier this year has meant we are now considering filing for bankruptcy. We have our own home but we rented it out while we lived abroad(which we didnt inform the mortgage company of - didnt think it mattered as long as we kept paying the mortgage but not sure if this is going to cause a problem now?)and our tenants are on a years lease which ends in November (there is no equity in the home).We are hoping to move into rented accomodation but I'm not sure if this causes complications with bankruptcy? Also what happens to our tenants? and the white goods/ fixtures/ fittings etc which are still in the home? I also have concerns about the rent that we've been receiving over the last few months, its been our only source of income and as it didn't cover all of the mortgage we have only been paying a small amount to the mortgage company (as arranged with them), I'm not sure if this will be frowned upon??!! We also have direct debits and wages etc being paid into our current account but I assume we will need to make arrangements to get these changed to a different account? Do we set up an account which is basically a cashcard and transfer the payment of wages/ utility standing orders etc before we file for bankruptcy and they'll allow us to keep this or wait until we have been to court and then set up the account? Obviously with 2 children I dont want to get this wrong and lose my income into a frozen bank account? Well I think that covers most of my concerns for the time being, I'm sure there will be many more but if you can help me with these and anything else you think I ought to know/think about I'd appreciate it!
you obviously have a lot going on so really recommend you slow down the process and understand what will happen and when,
If you are in rented accomodation then at the point you petition for Br the OR will start to collect rent from the house and this will obviously cause numerouse other problems.
speak to a professional - either the forum helpline or one of the forum experts to get a plan and time frame prepared.
Hi, thanks for your response Paul. Would love to speak to an expert to get a plan and time frame prepared, just not sure how to go about doing that? I have so many questions and concerns about the whole process and after hearing/reading some horror stories we just want to make sure we do it right... we seem to have a lot of other things going on that potentially could complicate the process and it would be good to speak to someone who has some idea about it all! Thanks again.
3 years of trying to get our debts under control
Posted - 29 July 2009 : 21:07:00
