going bankrupt need advice 130000 in debt

wilsonneedshelp

Im needing advice before we do il list my debts and questions because it get complicated we have a together mortgage with northern rock which is part secured loan and mortgage, I have had house on market for 1 and half years and am in negative equity now. I will our debt now then ask questions

mortgage 92000 made up of 6000,20000 secured 6000 unsecured
loan 10000
loan 8000
creditcard 3000
creditcard 2500
creditcard 2500
creditcard 500
creditcard 400
car finance 8000
overdraft 1300
overdraft 500
overdraft 400
overdraft 400

questions now
should I get repossed first so neg equity can be declared in bankruptancy

can you do a joint bankruptancy or do you have to do it seperate

will they let us go bankrupt as both work

what happens after you get bankrupt do you pay debt still or does it just go away

is it a fresh start

any help will be greatful as a need to get it sorted so we can live are life again with our 1 year old cos at the minute stressed out

tigerfeet2006

wilsonneedshelp wrote: »

Im needing advice before we do il list my debts and questions because it get complicated we have a together mortgage with northern rock which is part secured loan and mortgage, I have had house on market for 1 and half years and am in negative equity now. I will our debt now then ask questions

mortgage 92000 made up of 6000,20000 secured 6000 unsecured
loan 10000
loan 8000
creditcard 3000
creditcard 2500
creditcard 2500
creditcard 500
creditcard 400
car finance 8000
overdraft 1300
overdraft 500
overdraft 400
overdraft 400

questions now
should I get repossed first so neg equity can be declared in bankruptancy Any shortfall will go into your BR whether the house is repossesed before or after your BR.

can you do a joint bankruptancy or do you have to do it seperate No you have to go BR seperatly, which entails 2 lots of fees.

will they let us go bankrupt as both work Yes if you are insolvent, you are insolvent.

what happens after you get bankrupt do you pay debt still or does it just go away Your debt is written off. if after all your agreed living expenses you have a surplus of over £99 then you will pay a % to the OR. This is called an IPA.

is it a fresh start Yes

any help will be greatful as a need to get it sorted so we can live are life again with our 1 year old cos at the minute stressed out

The first thing you need to do is contact one of the debt charities and go through your options with them. If they say BR is and option then we will give you all the help and support you need. You also need to do this as your BR could be delayed by the judge if you haven't.

If you look at my sig you will see links and numbers for the charities, but they are insanly busy at the moment. I sat with my finger on redial yesterday for 35 minutes till I got through. There are also some more options in the Bankruptcy Help sticky in the first post. This sticky is also a good place to start reading and gaining knowledge.

Keep reading and asking questions and don't panic you are among friends.

clanbailey

hiya I went br on 9th Jan as did OH and we were 144000 in debt so know how you feel - our house was repossessed before went br but that was because we stopped paying mortgage to save up for br fees and moving fees too so they soon came after us - but as said above it can still be included as long as you have it on your form, my suggestion would be to stop paying mortgage and tell them you cant afford it now full stop so they will have to start repossession proceedures may just speed it up a little (if that is what you want).

2 sets of br fees and 2 sets of br forms - when it comes to the soa part it gets a bit complicated with 2 people - I did 2 seperate forms ie we are a family of 2 adults and 2 children, I did my form with allowances for 1 adult (me) and 2 childrens and then same on OHs form and then a contribution from his wage went into my income bit and visa versa BUT I also did a joint one which made more sense to me and when the OR phoned she didnt want seperate as we were together so read out my joint one and she was happy with that. Sounds a bit complicated but my form is on my thread from some days ago saying ummmm something like OR interview all done and dustied. If you need any help when you come to it just post it on the forum and there is loads of help and support here

good luck