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HELP Bankruptcy reposession which way round!!!
minty09
Posts: 5 Forumite
Hi I am new so please bear with me will try and keep it short!!
My partner and I entered into shared ownership property 2 years ago( regret doing so now!!)At the time it was our first property we were so excited!2 years down the line not so good.The flat was original valued at 130k so our mortgage is for 65k.Due to a number of reasons we also have 40k worth of unsecured debt.I had my baby in May 2008 so am on maternity leave and receiving stat maternity pay that ends in Jan.My partner is a self employed bricklayer and as you well may know the buiklding industry is failing miserably he has had no work for 4 weeks and still only has the odd day here and there!We are behind on rent and mortgage.we are not keen tostay in the property and have our bankruptcy hearing on 4th december.What i need to know is shall we hand our keys back first and then decalre bankruotcy or go bankrupt and wait for them to reposess us??i know the estate goes to the OR after bankruptcy but as we only have a 50% beneficial interest will she sell?Im not sure she will if not we will get reposessesd then can they chase us for any shortfall as Im almost 100% certain it is in negative equity some forums says if youre bankrupt they cant chase even if you are reposessed after other forums say no,get reposessed first!!im so confused!!also if we go bankruot i know they cant take furntiure clothes e.t.c but if we get reposessed can they take anything?If anyone can help or has been in a similar situation please advise!i dont know what to do for the best went to citizens advise basically told me to claim benefits to poay rent and council tax , pay my mortgage out of the maternity pay which leaves £200 fr all other bills which is ridiculous and he told me to not pay any loans or credit cards but thats not going to help the situation in the long run as i soon will not have the maternity pay !!
Thanks for reading!
My partner and I entered into shared ownership property 2 years ago( regret doing so now!!)At the time it was our first property we were so excited!2 years down the line not so good.The flat was original valued at 130k so our mortgage is for 65k.Due to a number of reasons we also have 40k worth of unsecured debt.I had my baby in May 2008 so am on maternity leave and receiving stat maternity pay that ends in Jan.My partner is a self employed bricklayer and as you well may know the buiklding industry is failing miserably he has had no work for 4 weeks and still only has the odd day here and there!We are behind on rent and mortgage.we are not keen tostay in the property and have our bankruptcy hearing on 4th december.What i need to know is shall we hand our keys back first and then decalre bankruotcy or go bankrupt and wait for them to reposess us??i know the estate goes to the OR after bankruptcy but as we only have a 50% beneficial interest will she sell?Im not sure she will if not we will get reposessesd then can they chase us for any shortfall as Im almost 100% certain it is in negative equity some forums says if youre bankrupt they cant chase even if you are reposessed after other forums say no,get reposessed first!!im so confused!!also if we go bankruot i know they cant take furntiure clothes e.t.c but if we get reposessed can they take anything?If anyone can help or has been in a similar situation please advise!i dont know what to do for the best went to citizens advise basically told me to claim benefits to poay rent and council tax , pay my mortgage out of the maternity pay which leaves £200 fr all other bills which is ridiculous and he told me to not pay any loans or credit cards but thats not going to help the situation in the long run as i soon will not have the maternity pay !!
Thanks for reading!
0
Comments
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Hi
I would usggect you re-post here http://forums.moneysavingexpert.com/forumdisplay.html?f=136 as the BK folk know a lot more about this than we do.
Be very careful if you intend to hand over your keys. You need advice from one of the debt charities as well.If you've have not made a mistake, you've made nothing0 -
ok thanks have done that0
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