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 hi all myself and my wife are thinking of going bankrupt fairly soon.
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Starting Member

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Posted - 14 October 2014 :  15:34:38  Show Profile  Visit James.n's Homepage  Reply with Quote
hi all myself and my wife are thinking of going bankrupt fairly soon , our situation is we have a mortgage of of 77000 and the house is not worth that much we have about 30.000 pounds of charging orders on the property and about 4 years ago we had about 70.000 pounds worth of debt which had just got out of control over the few years before , which we just basically buried our head in the sand and ignored them , they have since went to debt collection agencys and also a few have put the charging orders on the house , yes we are in a bit of a mess , my two questions are can we go bankrupt with out knowing all of the creditors we owe , and if we did go bankrupt and kept the house , would the charging orders ever disappear .

would really like some help on this one as i think it may be happenning soon .

thanks james


United Kingdom
4590 Posts

Posted - 14 October 2014 :  15:46:48  Show Profile  Reply with Quote
Hi and welcome

You can go bankrupt - the Official Receiver will do some digging into all of your creditors although you must put down the ones that you know.

The OR will keep an interest in the property for two years and three months before deciding what to do with it so there is no guarantee that you would keep it.

Not sure about the charging orders but one of the experts will be along to advise.

BR will cost you £705 each to petition.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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forum expert

United Kingdom
2211 Posts

Posted - 14 October 2014 :  18:13:04  Show Profile  Reply with Quote
Hi James,

The bankruptcy wouldn't cover the charging orders as they are now secured on your home just like the mortgage. If you had the house repossessed and moved to alternative accommodation, then any shortfall and the charging orders would all be part of your bankruptcy and you could have a fresh start.

However, if you want to keep your home and there is no equity, then as Niobe has said, it will be valued again 2 years and 3 months from your bankruptcy date and dealt with then. If there is no equity, you won't lose your home, if there is equity, the OR will want that amount.

I suggest you take advice as to all your options regarding debt solutions and your home.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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