Bankruptcy and your home

Yuujiin

Hi all ,been lurking on here for a while but now would like some advice.

We have debt of 36K and after our third meeting with Cab with an Insolvency Practitioner sitting in today.The IP said that our best option was bankrupty.

Also as our house value is less then what our morgage is so the official reciever would not push for sale.

Has anybody else gone through bankruptcy and kept there house in this way?

Thanks in advance

peachyprice

Welcome to the forum,

There are lots of people here who have kept their house, and as long as there's no equity, it's reasonable for your family's needs and the mortgage isn't £100's & £100's more than renting in your area the OR will have no interest in it at all.

HTH

Yuujiin

Thanks for that just what I wanted to hear.

Our mortgage is 102k and houses around us are going from 90k to 105k so fingers crossed we will be ok.
We have an estate agent coming monday to value .Is it worth getting a few more round?

tigerfeet2006

It's always worth getting the opinion of a couple of EA's. Ask for a price for a quick sale, you don't have to tell them about the BR just say you are moving with a job or something.

philnicandamy

2 or three is usually the norm

dollparts

If there's no equity, would you carry on paying the mortgage in a situation such as that even after BR?

peachyprice

Yes doll, everything carries on as normal.

dollparts

what if you had racked up arrears?

peachyprice

You can increase your mortgage payments to include them. Mortgage arrears are the one debt you are allowed to continue paying.

Yuujiin

Not to sure about arrears , our IP just said we would carry on just with mortgage if no equity in house . T hink your allowed 1k in equity to be safe .

Thanks to you all , after this is all sorted never want a credit card or loan again.

As both of us will be BR do we have to file separate forms or can we do a joint one on one form?

dollparts

thanks very much!