Bankruptcy - giving up house for rental

Questionner

As we are facing bankruptcy we are "abandoning" our house which is in negative equity, and looking for a rental property. Does anyone know if the O/R will question the amount we pay on a rental property, as due to the size of our family we will and location we will need to pay around £1200 per month. If we pay a large deposit before we go B/R will this be seen as an asset? This is presuming we find a landlord to take us on of course!

dojoman

Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/

JCS1

Questionner wrote: »

As we are facing bankruptcy we are "abandoning" our house which is in negative equity, and looking for a rental property. Does anyone know if the O/R will question the amount we pay on a rental property, as due to the size of our family we will and location we will need to pay around £1200 per month. If we pay a large deposit before we go B/R will this be seen as an asset? This is presuming we find a landlord to take us on of course!

Without looking at your income and other outgoings, it's hard to say, but the OR will expect your rent to be reasonable for the area.