Advice please on bankruptcy

david005

Hi All,

Me and my wife are currently looking into bankruptcy and was hoping someone could give a little advice,

1) Is it best to go with the official receiver route or use an IP such as harrington brook?

2) Will i lose my home, dont think there is any equilty! I have read on here that someone can buy the interest for £1 plus £221 fee, will this stop the sale on my home?

3) Will i lose the contents of my home?

Is bankruptcy straight forward or is it complicated.

Would be very grateful of your help, i will have many more questions for you,

Thanks again,
David

fiveyearplan

david005 wrote: »

Hi All,

Me and my wife are currently looking into bankruptcy and was hoping someone could give a little advice,

1) Is it best to go with the official receiver route or use an IP[TEXT DELETED BY FORUM TEAM]? NO NO NO don't use [TEXT DELETED BY FORUM TEAM] any other company that charges you for advice. They line their pockets before anything goes on to your debt.

2) Will i lose my home, dont think there is any equilty! I have read on here that someone can buy the interest for £1 plus £221 fee, will this stop the sale on my home? If you can keep up the repayments and you want to stay in your house you will be fine. The OR would not sell it if there is no money to be made. If you are in negative equity you will be able to buy your beneficial interest for £1 plus solicitors costs.

3) Will i lose the contents of my home? Not at all unless you have a Picasso or similar.

Is bankruptcy straight forward or is it complicated. Read as much as you can on here and ask any questions you may have. It is relatively simple!

Would be very grateful of your help, i will have many more questions for you,

Thanks again,
David

Hi and welcome David. You should phone one of the debt charities like CCCS or National Debtline and get some advice from them too. You will feel better once they have given you your options. Come back and let us know what they advised but of course ask away here in the meantime.

peachyprice

Never, ever pay anyone to help with your bankruptcy, all they can do for you is help you fill in the forms. You have to attend court yourselves and you have to have the OR interview yourselvesd. it's money for old rope, that, if you're considering bankruptcy, you can ill afford.

There will be plenty of people here too help with any questions you have, save your cash, you'll need it more thay any IP.

gpkwells

Hi David,

As mentioned above you must first of all contact one of the free advisory debt services. They are completely impartial and offer professional advice at no cost.

There is a "sticky" at the top of the forum with all the contact details you need. From what I have seen CCCS seem to be quite useful.

I used my local CAB and found them fantastic. I could see someone face to face with all my paperwork, they gave me great honest advice.

Beware of anyone offering you a service at any cost to you, they will only be acting in their interest and def not yours!!!!

Keep coming here for help with anything, the majority have been through similar situations and will happily share their exp with you as well as giving valuable guidence!

BR is not an easy out but in the right situation it can be an enormous releif. Make sure you ge that FREE advice!

Be proud to deal with your debts!

Good luck,

Paul :beer:

david005

Hi All,

Thanks for all your advice so far, it really does help.

Thanks
David

tigerfeet2006

Have you phoned any of the debt charities yet? Links and numbers in my sig.