charging orders??

longshot

ok i understand...

can you look at my statement please..?

very grateful for the advice...

i presume as i have kids + no equity i am entitled to remain in the house?

although for example the property went up in value 40k in 3 years would i be

forced to sell to pay back the unsecured debt or this depends if they put a

charging order on my house if i go bankrupt?...

just to be clear i am now paying credit with credit so it needs to stop at some

point although most payments are upto date.

Bethankim

i am so the worst person for statement of affairs lol but others are fab. I think when you did it you can convert it for mse.

anyway - basically once the beneficial interest is sorted thats the end of it - once your discharged and if you keep your house then what ever future profit is, is your to keep.

if no one can buy your beneficial interest and the OR leaves it for 3 years then if there is profit from a sale then you dont get to keep any of it.

as for staying - are your mortgage payments up to date - looking at your income there is no way you can keep paying your mortgage so you may have to face moving and renting anyway.

I presume the £1000 in cludes child tax credits, child benefit and income support?
you wont end up on the streets but the reality is if you cant pay your mortgage then you can apply for housing, find a rented place etc..but on your figures i cant see how you can pay it.

longshot

it is due to drop to around 400 soon coming out of a fixed rate...

acutally i'm in a pickle, i was earning quite well but some family issues
/stress has i think held me back so bit of a nightmare situation

right now(it gets deep).....

i am just wondering if the trustee would look at my monthly costs and

say no you cant afford the mortgage so you can't stay in the house or

is that my decision?

wurzella

I don't know if I'm reading this right but; £1000 per month income, £1635 outgoings + another £700 unsecured debt payments making total outgoings £2335 per month, is that right?

longshot

yes thats right....why good or bad?

longshot

well i'm hoping to claim mortgage interest support from being unemployed
soon so whilst looking for work i can get my mortgage paid...so income
could potentially be 1750.

wurzella

OK, I was wondering how you planned to pay you expenses even after you go BR.

I should think you would want to get that sorted out before you file for bankruptcy, I can't see them being happy leaving you in a position where you still can't cover your expenses after going BR. I'm sure someone more knowledgeable will either confirm or deny that soon enough.

longshot

thanks of course your right,will look at that again

wurzella

As I said, wait for one of the all knowing ones to chip in, they're very helpful I'm just giving my tuppence worth.

The_Watchman_2

longshot wrote: »

it is due to drop to around 400 soon coming out of a fixed rate...

acutally i'm in a pickle, i was earning quite well but some family issues
/stress has i think held me back so bit of a nightmare situation

right now(it gets deep).....

i am just wondering if the trustee would look at my monthly costs and

say no you cant afford the mortgage so you can't stay in the house or

is that my decision?

I am only commenting on this post alone, not the thread as a whole, as i dont have time to read it all.

But the question you should ask is why, if you cannot afford to keep the property, do you need a trustee to tell you so?

Of course if your situation is in constant flux, you may argue you 'may' be able to afford it.

But living on a 'may' is why many end up bankrupt