First post and worried sick is probably not a truer statement!
Our situation is as follows:-
House - Mortgaged 100k+ neg equity.... NO ARREARS CURRENTLY
Unsecured debt 144k --- from a mixture of business (guarantees) and personal - constantly being hounded.
Having read the wonderful supportive comments on the forum have decided from a combination of National Debtline, CAB and here that bankruptcy is probably our best way of having a fresh start.
My partner works for a bank and has been told by numerous sources that she will be dismissed if we go ahead and make ourselves bankrupt. However the thought of having 20+ years of people chasing us for every spare penny we have _ which isn't much_ and the fact our unsecured debt is 10 years of her salary, not including charges that will be racked up this may be the better option. (sense of irony here with the fact most of the banks have been here themselves!)
Our question is concerning our property and what may happen to it, and thus far no-one has been able to give us and firm advice. If the above happens. It is likely that we will just about be able to afford to pay our mortgage and bills on my salary alone. However, are worried that if interest rates take even 1% increase this may push our situation to the limit. Or even worse if I lose my job also which could happen I suppose!
If we are allowed to keep our house, with it's 100k negative equity - this may force us into bankruptcy a second time.
Will the OR deem that we cannot afford our house and take it into consideration in the bankruptcy, including any shortfall?
Will he let us keep it and face the possibility that in a years time maybe 2 that we will face a mortgage shortfall of 100k, and a possible 2nd bankruptcy?
Try as I might I have not been able to find any advice either from the Insolvency service or any of the official help bodies, please if anyone has any experience of the situation can you please advise what is a likely outcome?