Hi folks, Question for my friend, not me this time .... Unlike me, she is trying to keep her house. She is maintaining her mortgage payments as well as a secured loan she has, not linked to the mortgage. She is filing for BR next week. If she finds during the year of BR she is struggling to maintain the house, would that then be included in her BR? and would the secured loan too? I am worried for her as she is going to try and keep paying the secured loan which will carry on for about 12 years. She does not want to give her house up but I am worried she may continue to struggle and she is equally worried that she would face repercussions if a few months into BR she finds she cannot keep the house. Any help gratefully appreciated. Cheers Rosie
Edited by - frosie90 on 05 September 2009 17:36:40
If she decides to give up the house during her BR then it would be included but if she gave it up once she was discharged then she would need to file for BR again.
She should really think long and hard about the house as declaring BR twice in a short period of time is not good. Also with so many people receiving early discharge then she may only be bankrupt for 6 months or so.
Giving up a house is a difficult thing to do but if she is struggling with the mortgage/loan now then it could cause problems down the line.
I am assuming that there isn't any equity in the property otherwise the OR would want to release that when she declares BR to pay the creditors.
Thanks GettingOutofDebt, yes I agree with you. After a lot of soul-searching and discussions, I think she is now thinking long and hard about the best route for her. Thank you for your advice.
Giving up house during BR
Posted - 05 September 2009 : 17:21:08
