Is it possible to go bankrupt without losing your house???

willow41

Its been a few weeks since I have been on the forum and everything has got a whole lot worse. Can anyone tell me if you can go bankrupt without losing your house. Because the cccs couldn't help us much, I have had to deal with all of my creditors myself and it has got suffocating. Just need a bit of advice.
Many thanks in advance...

RAS

Sometimes, yes but you need a lot more advice on your particular situation; it depends on equity, income, local rental costs etc and then your OR. Post up on the BR forum and htey can help you more.

roxy84

Hi, me & oh are have been discharged 3 months now and we have kept our own house, at the time we went br we had £30k negative equity but our mortgage payments were over £500 more than what we could rent for, we still kept it though, our OR wasnt interested in it at all.

Every OR is different though

willow41

Thanks all. Whats an OR ? Am I being stupid?

tigerfeet2006

How much is the house worth? How much mortgage do you have left? How much are your repayments? Do you have any secured loans?

In general if the house is in negative equity or has little equity and you can afford to pay the mortgage and any secured loans on it once the other debts are gone, then you will usually be able to carry on living in your house. The OR has control of the BR's beneficial interest (BI) which will be able to be bought back from the OR for £1 plus £211 costs.

tigerfeet2006

willow41 wrote: »

Thanks all. Whats an OR ? Am I being stupid?

OR= Official Reciever

willow41

Thanks for your advice are going to see citizens advice next week. I have already been through cccs who suggested I pay everybody a £1 and thats all they could do for me. So it has become even more overwhelming than 8 weeks ago.
Our house was valued at 185,000 in March this year. We have 31,000 secured loan and our mortgage stands at 153,000. If we paid evrything else of our mortgage and loan costs 1000 per mth.

tigerfeet2006

Sounds like you will be in negative equity then. So you should be fine.

Just out of interest how much would a similar size property to yours cost to rent in your area?

willow41

I think it would cost a little more to rent than we are paying out on our mortgage right now.

fiveyearplan

Do you mean it would cost more than your mortgage + secured loan? If so, you should be just fine.

Shelfstacker

Good question fiveyearplan, I myself am in a similair position and could do with some light shed on which way the OR may go. My combined mortgage and secured loan total £855 a month, and you could rent a house like mine for £200 a month less than that. Would that mean the OR would turf us out bearing in mind its also a negative equity/fmaily home situation?