bancrupcy and my house

hapheidi

I am a 33 year old single mother who is having lots of financial roblems at the moment i have approx 20 000 worth of debt including finance on my car, my life was perfectly managable until change in circumstances last year which have left me unable to manage.

I own my home but due to the fall in house prices have no equity left in it, and it is a very poor state of repair and i cannot afford to maintain it, I require a car for work hence have a reliable car on finance but there is something wrong with it and cant afford to get it looked at and cant afford to replace it.

I have spend months trying to fight to keep everything going but it not working and am now seeking advice re bacruptcy, i am concerned about my home and wahther i would be better of finding a rental property before i go bancrupt and let the house go do know how it all works any advice?

RAS

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.

CCCS 0800 138 1111 National Debtline 0808 808 4000 Business Debt Line 0800 197 6026 CAB – Contact your local office and ask to speak to a Specialist Financial Advisor. Insolvency Service- 0845 602 9848

Contacts above nicked from tiger.

Would you be able to support the mortgage, house and car if the other debt was cleared. Or do you want to give up the house?

hapheidi

thx. I would still have problems maintaining the house and the car and am currently in arrears with my mortgage

RAS

OK

You need to talk to one of the debt charities I listed and then come back here. There is a bankruptcy sub-forum and many of the folk there have done what you are thinking about.

Once you decide, or if you want to kmow what it is like, them post on there and the lovely guys will help you out and hold your hand (virtualy) throught the process.

hapheidi

Thank you am doing it as we speak