Advice On Going Bankrupt

68grandindebtandcounting

Hi there I am after a bit of advice please ..... Me and my husband are jointly named on a northern rock together mortgage and a secured loan and I am considering declaring myself bankrupt. Our mortgage is 97500 plus 30,000 loan on top then a secured loan of 26,000. I also have unsecured debts of 13,000 and I have previously negotiated lower payments with some creditors, but I am considering declaring myself bankrupt as don't even seem to have the money to pay our utilities and other bills at the moment. Could anyone tell me if I declared myself bankrupt would they be able to sell our home if it is jointly owned and there is no equity ( probably negative equity in the current climate ) any advice would be greatly recieved.

Thanks

peachyprice

Hi 68grand,
As long as you keep paying the mortgage and secured loan they cannot repossess the house.

The OR would have no interest in it as there is no equity.

However, if just you go BR all joint debts will fall entirely to your OH and they will expect repayment PDQ.

HTH

68grandindebtandcounting

I just called the national debt advice line and they advised me to go on another debt management plan ..... I have been on one for three years and got no-where .... I have no money to go out or do anything worry about whether I can pay utility bills and my debts every month it is really getting me down and now they tell me that my husband should pay more and go on another debt management plan for 5 years !!!! Any advice please.

JCS1

Seek second opinion from CAB or CCCS. You don't have to go with what National debtline have told you, as long as you understand the consequences of BR you can apply.