New any advice over the coming months greatly appreciated

completemess

I have been reading this forum with interest over the last month or so and thought it's about time I post.

My husband and I are as my username suggests are in a complete mess. Basically to cut a long story short my husband is in the process of winding his business up because it has gone into financial difficulty. We can no longer afford the mortgage payments on our home and are one month in arrears. Our house has just gone on the market but nothing around here is selling and I honestly think it will be repossessed/voluntary repossesed at some point in 2009. We have decided that bankruptcy is our only option because my husband has business debts he is personally liable for plus we have debts of our own. Luckily my husband now has a full time job but staying in our home is not possible and our debts are out of control - my health is beginning to become affected through the stress of letters/phone calls.

Anyway enough waffling please can anyone advise me on the following:

1. If we go bankrupt and have the house voluntary repossessed can the mortgage company chase us for any shortfall in the future or does including it in the bankruptcy stop this?

2. We are going to privately rent, if we save up 6 months rent so a landlord will take us on will this not land us in trouble with the OR?

Thanks for any help. I am thinking of going to my doctor for some help as I have a toddler and newborn and am not coping well at all x

RAS

Hi welcome

Will try to help you out, although you will pick up more if you post on the BK and living with it sub-forum, see just below the resources bar.

First off, you must get help from one of the debt charities http://www.moneysavingexpert.com/loans/debt-help-plan#help

Will post the links for Business debt line and the Insolvency helpline in a minute.

You need to go for re-possession and there are ways to avoid becoming liable for any shortfall.

So you can wait a while before you worry about that.

The OR is not going to get upset if you save for a deposit and 6 months rent.

Is there any equity in the house? If not, can you afford the morgage if you stop paying other creditors? It may be possible to stay where you are.