bankruptcy help

[mike032]

hi im new to this.

i am just wanting some info.

we are in our house but have had enough of chasing to pay bills etc

i need to now a few answers can anyone help.

we have a mortgage of 160k

a secured loan of 14k left to pay

a home assittance loan from council for 8k secured on the house as its needto be paid if we sold the house

unsecured of 8k

totalsecured 182k

unsecured 8k

if we went BR would all this get included or would we still be liable

any help would be great and sorry if in the wrong pls

also if we sold the house in all about 28k-30kshortfall

just want a new start would we be liable for the shortfall also we want to get a rented place first then go bankrupt so basically get out then go bankrupt and give keys back

 

thanks hiedi for the help but more would be good thanks

[desperate&depressed]

Hi Mike

 

My understanding is that when you go bankrupt all of the debts that you list on the application are included, whether secured or unsecured. You WILL be liable for the shortfall on the mortgage but this can be included on the bankruptcy application - so you will want to hand back the keys to house before filing for bankruptcy, even if the bank hasn't sold the house at the time of applying for bankruptcy it can still be included.

 

You will definitely want to get somewhere to rent beforehand as you probably won't have much chance if you have already gone bankrupt.

 

Good luck with it all!

[mike032]

hi i have tried to find a house to rent.total nightmare.im due in court in july to go bankrupt can i stay in the house before and after i go bankrupt when they would have to reposs the houseis this possible or do i have to wait to get the house repossed first any advice would be good thanks

[diamondgirl]

If its only you going bankrupt you need your partner to sort the renting side out as once your bankrupt you have less chance of obtaining rented accomodation. Anyone who does rent to you is likely to charge you more and want a larger deposit. Yes you can stay in the house before you go bankrupt and possibly after it depends on when they want to repossess the property. The administrator will be able to advise you on that.

 

Everything is taken into account when you go bankrupt no stone left unturned.

 

You will also need to open a new bank account once you go BR and there are a few banks that will do that for you.

 

I would also suggest that you talk to CAB or National Debtline if you haven't already done so.

 

Everyone seems to have a different experience when it comes to bankruptcy, whether gone BR themselves or a creditor makes them BR.

 

Hope this has helped a little.

DG

[pauly&nelly1984]

hi,

sorry to but in!

but im in a similar position myself,if i went bankrupt then what would that mean for me? would i be able to get a bank account? how long would i have to wait before my name is clear and when can i apply for credit again? any info would be helpful as i havent got a clue about anything like this!

 

thanks guys

[jansus]

Hi

 

I saw you were posting about actually losing your house so thought I would bump this thread back up.

 

I would have thought your best move would be to contact Shelter. They have been recommended by many people on here and offer all kinds of services including legal advice .