BR coming to an end, house?

roxy84

Hi, me & oh went BR April 08 so it wont be long till we are discharged, ive had my ipoq for ED but im not really bothered seeing there is only a short time till my discharge.
Anyway, we have a house with mortgage & secured loan, originally we were going to buy our BI got all the valuations etc but in the end decided with the current market not to bother. We have been paying both & they are up to date, we are planning on handing the house back because of the negative equity but it is really cheap at the min with low interest rates so we are in no rush.

Do we need to hand it back before our BR ends in order to include the shortfall in our BR's or can we leave it until the OR does something with it and then hand it back then?

I know property is a complicated situation but any advice would be appreciated

k2nga

I have to be honest i dont anything about the property side of things but i am guessing you have told the OR your intentions?

Richard_S

Hi roxy,

We've researched this subject in "great depth" and the conclusion is that any potential debt, or contingent as it's called, at the date of your Bankruptcy Order will be included in your bankruptcy when the debt ultimately crystallises.

You really should seek confirmation from a professional advisor or an experienced member of staff from the I.S because it is a complicated area and there's a lot at stake.

Regards

Richard