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bankruptcy and keeping my house
deeks
Posts: 11 Forumite
Hi all,
Been to see cab and they have advised us that bankruptcy is our best option. My wife was the main earner with a very good wage but unfortunately was made redundant 9 months ago. We have since used all our savings of £10,000 to keep up with payments but this has now dried up. Wife can't get work and we have considerable debts that were taken out in better times. We have unsecured loans of around £30.000 and a secured loan of around £28.000. My property is probably worth £110k with a mortgage of £100k + the £28k secured loan my question here is would i be able to keep my home as we so desperately want to if we go bankrupt, the cab seems to think we may be able to but we are worried sick if we end up losing it afterwards. Whilst my wife was the main earner i am earning a fair wage and could easily keep paying the mortgage and secured loan etc after bankruptcy. Any advice would be appreciated.
Deeks
Been to see cab and they have advised us that bankruptcy is our best option. My wife was the main earner with a very good wage but unfortunately was made redundant 9 months ago. We have since used all our savings of £10,000 to keep up with payments but this has now dried up. Wife can't get work and we have considerable debts that were taken out in better times. We have unsecured loans of around £30.000 and a secured loan of around £28.000. My property is probably worth £110k with a mortgage of £100k + the £28k secured loan my question here is would i be able to keep my home as we so desperately want to if we go bankrupt, the cab seems to think we may be able to but we are worried sick if we end up losing it afterwards. Whilst my wife was the main earner i am earning a fair wage and could easily keep paying the mortgage and secured loan etc after bankruptcy. Any advice would be appreciated.
Deeks
0
Comments
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all depends on equity in the houseWe all die. The goal isn't to live forever, the goal is to create something that will0
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Like i said house worth around £110k mortgage of £100k and secured loan of £28k so in total i owe £128k how i see it it's around minus £18k. unless i have overlooked something0
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Hello & Welcome to the board
You have come to the right place for help
2 Questions from me
Is it a joint mortgage & Secured loan
Are both of you going BRTotal Weight Loss - 28lb and countingAD 17/11/20100 -
Hi There,
Yes it's a joint mortgage and secured loan and yes we've been advised for both of us to go BR0 -
Forgot to mention we also have a £10k hire purchase agreement on a caravan0
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More information can be found here:
What will happen to my home:
http://www.insolvency.gov.uk/guidanceleaflets/guides.htm#10 -
Hi all,
Just wanted to let you all know we have been allowed to keep our house. very pleased
Deeks0
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