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Bankruptcy and delayed voluntary respossession


davesterm
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Hi,

 

I am after some advice regarding bankruptcy and voluntary repossession.

 

After losing a previous job,

I am approx £8k a year down on my wages.

I am currently in arrears on my credit card and loan repayments.

 

Up to now my mortgage is up to date,

but despite my best efforts to cut back on expenditure

I still cannot make ends meet.

 

I do not want my house anymore as there is work that needs doing to the property

I have no way to finding the money or repaying it if I did.

 

What I have decided to do is fie for bankruptcy and ask the mortgage company to voluntarily repossess the property.

I have read everything which I hopefully need to know regarding the debt, shortfall and not signing any deed of acknowledgement.

 

However, my plan regarding a place to live has fallen through and at the moment I am not in a position to have all the money needed for a deposit elsewhere.

 

My question is

once I file for bankruptcy and continue making the mortgage payment,

can I hold off asking for a voluntary repossession for say 6 months.

 

Obviously I will request a repossession before the end of my bankruptcy/discharge,

but can I actually do this or would the OR not allow this.

 

I have searched high and low but cannot find a definitive answer other than asking for a repossession when going bankrupt.

 

Any feedback would be much appreciated. Thanks.

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why go BK?

 

list your other debts

if they are consumer credit.etc

then drop them to

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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