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Help please!! bankrupsy and house assets
50broke
Posts: 106 Forumite
Please could someone help. I am on a DMP with CCCS, but my husband has just lost his job and at 55 is finding it impossible to get another, therefore we are unable to pay the DMP. The house and debts are all in my name, and if I should consider bankrupsy what will happen to the equity in my house (approx 60K), my debts are 93K unsecured with a 207K mortgage. Any advise would be appreciated. We are trying to sell the house at the moment.
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Comments
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If the house is in your name and with that much equity, then the OR is at first going to ask you to raise the funds to buy the beneficial interest from him that will equate to a sum similar to the equity; or someone else can pay this for you. The sum negotiable though but you wont know how flexible they are until after the BR point etc.
If you cannot raise the funds then they may well force a sale to realise the asset. Either these two options must be done within 3 years; after that, if the OR does nothing with the property then it reverts back to you.
Its because the equity is so great. If it were £15k or less then if not a problem really.0 -
Hi thanks for the info. I wont be able raise the money. Will I be allowed to sell the house myself, or would they sell it for me. and would I be able to stay in the house in the meantime providing I can pay the mortgage (I am not in arrears)
thanks
and I know this sounds stupid.... but do all me secured debts get "written off" within the year? Honestly I have not got a clue........0 -
Hi 50broke. For all the good people on the board will help you with your questions you really must talk to CCCS about bamkruptcy and what it entails, there's many other debt charity's out there that offer phone line advice that is free, I used national debtline.
A judge would not grant you bankrupt without professional advice and still take your fees
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hiya
just wanted to wish you well
i hope the debt charities are able to help - national debt helpline were very helpful to me, i'm sure they all are. all the best x0
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