my husband as a company we have no work i earn £189.00 gross we owe depts, vat, loans, credit cards, we are up to date with morgage at the moment but we also have a loan secured on house with welcome finance. if we went bankrupt would we lose the house. we have about eight years left on morgage and at the moment we have changed it to interest only for twelve months so the payments have lowered. we cashed in the endownments to pay the morgage when we got behind. if we went bankrupt and had no dept we would be able to work and go back on a repayment morgage and maybe spread the morgage for another five years. then my husband would be 65years and i would be 63 yearscould you please give me some advise thank you
Is there equity in the property or not and is the mortgage/secured loan joint? If there is equity then the OR would want to release the equity in order to pay your creditors. If not then you could buy the beneficial interest back for £211 + £1 fee.
If you wanted to keep the house you would need to keep up the repayments on the mortgage and the secured loan but all other debts could be written off in the BR.
Keeping a property is always a big decision when declaring BR. There is always the possibility that you couldn't keep up the repayments a few years in the future and this could mean that you would need to declare BR again.
there are a lot of things going on here that all need careful consideration.
type of company - limited, sole trader, partnership etc level of debt cost of mortgages & outgoings current income liklihood of the business turning around in the near to middle future. how many payments have you missed - and therefore how much time do you have etc etc
because of the business I would recommend you speak to an expert and get a plan together of all your options. this way you will have some peace of mind and probably work out a sloution you hadn't thought of.
my husband as a company we have no work
Posted - 30 July 2009 : 21:39:41
