considering bankrupt option

ranger24

Ceased trading in April and went into a dmp with the cccs. Company vehicle was on lease/purchase and was returned. While i was just about managing to pay the dmp i have now received notification of the outstanding amount owed on the vehicle. This would increase the repayment period quite significantly and given my age i feel it is not an option. All the debts are in my name. We have a mortage and secured loan on the house which we could just afford to pay if it was not for all the other debts. Would we lose the house if i went bankrupt ( i believe we would currently be in a negative equity situation) Could we have the house put in my sons name before i declared myself bankrupt.

gpkwells

If you are in neg equity then the Official Receiver would not be interested in your property.

You cannot dispose of any assets prior to going BR - the OR will see this has happened when he does his paper trail and it would be viewed as fraud.

Good luck with your situation.

Keep coming on here as all the people here will go out of there way to help, advise and support you.

chelseabun_3

Hi Ranger,
As gpk says, the OR won't take the house if it's in negative equity. What would probably happen is your OH would have the opportunity to buy back the beneficial interest for £1 plus costs. This is up to the OR - they may not even take the BI if they don't think it's worth their while (in which case you keep the house and carry on paying the mortgage and secured debt.)

Definitely don't transfer anything to anyone else prior to going BR - the OR will find out and view it very poorly. Hope all goes well for you! CBx;)

ranger24

Thank you gpkwells and chelseabun for the advice as with many others this is all new to me so i will be on here a lot looking for advice.ranger24