hello..help please

Ole20_2

:T this site is possibly the most uplifting thing i know..truly..in such a stressful situation its easy to find so much reassurance....rich thanks for the advice...ill inform my worst half of the bad news with TOE tonight then wait for next months payday to finally book my br date...dam stressful stuff this is!!! :mad:

ill have to sell within 2 years as ill never get another mortgage but still thats a very small price to pay....

dalip

Why not post your i&e as cccs did it on here and we could double check it.
Let us know if your partner is working and how many dependants you have as that will help the outcome. I know yself that cccs budget sheet is slightly unrealistic as compared to actual living costs.D

RichOneday_2

As far as the house is concerned you need to be aware of a discussion that we have been having in the last couple of days.

Because you are going to include your mortgage in the bankruptcy, but the OR is going to sell you the beneficial interest for £1 (assumed of course, nothing is definite) you will be in a rather strange situation.

You will be discharged from bankruptcy in 6-8 months, or 12 months max as long as you haven't been criminally bad. You will still have the property and mortgage and at some stage you will be able to sell and keep the equity. So, clearly, if you had to sell and there was still negative equity you would be back in debt which could run into thousands if selling into a depressed market and taking in to account charges etc. Right?

Wrong, apparently. Should there be a shortfall to your lender it is still covered by the bankruptcy with NO TIME LIMIT.

Which all adds up to a tails you win, heads you don't lose kind of scenario.

I must emphasise this came from a well considered response from an individual at the Insolvency Service, but we still think caution would be advisable in terms of relying on this.

Ole20_2

hi dalip, i will get it on towards the weekend..my nights are currently filled with hospital visits and its on my home pc....wont bore you with that one just now but still..i have one dependant but no partner..my mother is currently living with me at present...

and rich, thanks again...thats an amazing loophole..hope they dont shut that too soon!!!..thanks all for this...still a bloody horrible situation but a bit of light has just been spotted at the end of a dark and miserable tunnell....