We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Going bankrupt

Dikko
Dikko Posts: 25 Forumite
in Debt-free wannabe
im being told that it is possible to keep your house if you decide to go bankrupt.

Can anyone shed any light on this subject i.e. can this be possible?

From a distressed dikko

Comments

  • RAS
    RAS Posts: 36,174 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    In many situations, yes, if you can afford the payments and your mortgage does not cost appreciably more than renting.
    If you've have not made a mistake, you've made nothing
  • Dikko
    Dikko Posts: 25 Forumite
    what happens to the equity in the house though ... any thoughts
  • RAS
    RAS Posts: 36,174 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Is the house in a sole name or joint owned?
    If you've have not made a mistake, you've made nothing
  • fatbelly
    fatbelly Posts: 23,302 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    The Insolvency Service has a pdf guide here

    In many cases the bankrupt will keep the house but this needs to be looked at carefully before taking the plunge.

    There are loads of other guides available on the same website
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.3K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.4K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 601.1K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture