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  • flexrider
    • #2
    • 8th Feb 10, 5:41 PM
    • #2
    • 8th Feb 10, 5:41 PM
    Not necessarily. Your house (legally known as your homestead) may be a protected asset. In fact, filing for bankruptcy may help you halt a foreclosure being taken against your home. However, canot make any guarantees about property you will or will not lose; it depends on the details of your case/bankruptcy

    best speaking to someone finicial about it,

    http://www.thinkglink.com/article/2005/03/04/creditors-taking-my-house
    Last edited by flexrider; 08-02-2010 at 5:46 PM.
    • RAS
    • By RAS 8th Feb 10, 5:55 PM
    • 28,007 Posts
    • 48,336 Thanks
    RAS
    • #3
    • 8th Feb 10, 5:55 PM
    • #3
    • 8th Feb 10, 5:55 PM
    It rather depends whether the mortgage cost is more than rental locally, whether one ofr both of you go BR and whether you can afford to buy the Beneficial Interest from the OR without selling up.

    Speak to one of the debt charities first.
    The person who has not made a mistake, has made nothing
    • RAS
    • By RAS 8th Feb 10, 5:57 PM
    • 28,007 Posts
    • 48,336 Thanks
    RAS
    • #4
    • 8th Feb 10, 5:57 PM
    • #4
    • 8th Feb 10, 5:57 PM
    Not necessarily. Your house (legally known as your homestead) may be a protected asset. In fact, filing for bankruptcy may help you halt a foreclosure being taken against your home. However, canot make any guarantees about property you will or will not lose; it depends on the details of your case/bankruptcy

    best speaking to someone finicial about it,
    Originally posted by flexrider
    Hi

    Highly misleading as the web-site cover US law not UK law.
    The person who has not made a mistake, has made nothing
  • flexrider
    • #5
    • 8th Feb 10, 6:02 PM
    • #5
    • 8th Feb 10, 6:02 PM
    Hi

    Highly misleading as the web-site cover US law not UK law.
    Originally posted by RAS
    e

    doh! i got the wrong website sorry for my info
  • tallie11
    • #6
    • 8th Feb 10, 6:18 PM
    thankyou so much for all your quick replies
    • #6
    • 8th Feb 10, 6:18 PM
    I think it's best we speak to a debt councillor as well , it just makes it so real then. Our horrendous debts are hidden away from everyone.

    Our mortgage is about 4oo pounds , the rental we would get for our house is about a grand ! Unfortunately we are unable to move out , as gov are kindly paying the interest on our mortgage (I know this sounds really bad as well, but we were both made redundo from our city jobs). anyway i'm babbling ....

    thanks once again
    • Kohoutek
    • By Kohoutek 8th Feb 10, 6:43 PM
    • 2,161 Posts
    • 4,523 Thanks
    Kohoutek
    • #7
    • 8th Feb 10, 6:43 PM
    • #7
    • 8th Feb 10, 6:43 PM
    The law relating to the area you're referring to is complicated. By far your best option is to get professional advice.

    I would recommend making an appointment at your local citizen's advice bureau -they will have people who specialise in advising people about consumer debt. It's free.

    http://www.citizensadvice.org.uk/index/getadvice.htm

    Many high street law firms also offer free half hour consultations. If you make this kind of appointment, you will not be charged.

    http://www.lawsociety.org.uk/choosingandusing/findasolicitor.law?=lshome
  • jellygirl
    • #8
    • 8th Feb 10, 7:09 PM
    • #8
    • 8th Feb 10, 7:09 PM
    If there is equity in the house (deemed enough), you are likely to be forced to sell it by the OR - or if its little, the OR may wish to wait up to 3 years to see if house prices rise and you may have to sell it at a later date. Either way, during the BR you will lose entitlement/ownership of the property - you may be able to by the BI in the property after BR if the OR has not interest in it.
    Goodbye debt - Hello sanity!
    • RAS
    • By RAS 8th Feb 10, 7:10 PM
    • 28,007 Posts
    • 48,336 Thanks
    RAS
    • #9
    • 8th Feb 10, 7:10 PM
    • #9
    • 8th Feb 10, 7:10 PM
    tallie

    Start by speaking to one or more of the debt charities listed here http://www.moneysavingexpert.com/loans/debt-help-plan#help

    they may then recomend that you speak to an IO, but first speak to them.
    The person who has not made a mistake, has made nothing
    • peachyprice
    • By peachyprice 8th Feb 10, 7:23 PM
    • 16,658 Posts
    • 37,979 Thanks
    peachyprice
    Not necessarily. Your house (legally known as your homestead) may be a protected asset. In fact, filing for bankruptcy may help you halt a foreclosure being taken against your home. However, canot make any guarantees about property you will or will not lose; it depends on the details of your case/bankruptcy

    best speaking to someone finicial about it,

    http://www.thinkglink.com/article/2005/03/04/creditors-taking-my-house
    Originally posted by flexrider

    Sorry, but US bankruptcy laws do not apply here in the UK
    Accept your past without regret, handle your present with confidence and face your future without fear
  • skintflint103
    Hey flexy you got lost pardner , but at least he meant well! O.K. if your house is not going to yield more than £1,000 after 3% costs of sale you keep the house under 'de minimis rules' . The OR will not want to force a sale if it means a family homeless for the sake of a few quid. They don't have horns! They have 3 years to deal witht his ,if there is a huge amount £10,000- plus they give 12 months to sell . If it is in low or negative equity they will deal with it within 36 months. you need to get it dealt with asap as prices are going up
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