advice needed

thewonderstuff

hello there, Please can tell me if it is possible to keep my house and still go bankrupt. Iam self employed and have got a couple of loans and a vat and income tax bill that i can't afford due to business been really bad over the the last couple of years. I can afford to pay my utility bills, house hold expenses and mortage but nothing else. i have about 15 thousand equitie in my home.

it is affecting my health due to worry because i need to sort these debts out but don't want an iva either because i will stuggle to pay that.

any advice is more than appriciated

cheers
tws

philnicandamy

depends....equity in the house?

tigerfeet2006

Phil the OP says he has £15k equity in the house. Is this an upto date valueation wonder stuff? Is it just you in the house or do you have a wife and family?

If you go bankrupt then the OR will want to realise any equity in the house. You can get a trusted person to buy this, so you don't have to sell your house. If you have a partner the equity is 50% usually. The OR usually waits a year to express his interest in the house at which point it may be in negative equity. They have 3 years though to get the equity.

Hope that makes some sense.

Please get some professional advice from one of the debt charities regarding your situation. The judge can delay your petition if you don't. Some links and numbers in my sig.

Oh! and welcome to the board

philnicandamy

I really need new glasses.....:p

tigerfeet2006

Don't worry Phil I nearly missed it to. Sometimes you just read thease posts so quickly, especially if you know you only have 5 minutes before you have to be off some where.

Hope you have been putting your medical allowance by

Baby broke the frames on my £200 glasses the other day, frame only cost £30 and it had been discontinued and I thought I would have to get a new complete set :eek: but the opticians spent ages trawling through frames to find one for me and didn't charge me for putting the lenses in them or for the frames . I was so releaved and the frames are better quality

thewonderstuff

Iam on my own. house in my name. was valued at 130k about 3 years ago, when house prices were too high. i think it's woth 95k now and i owe 80k on it.

need to keep house....going bonkers!!!!!!!!

tws

tigerfeet2006

OK don't panic. Seek the proper advise from one of the debt charities to start the ball rolling. In a year with the way the market is going there is more than likely going to be little or no equity.

Let us know what the debt charities say and have a good read of the forum especially the Bankruptcy Help sticky and keep asking questions.

We will help as much as we can.