bankruptcy help needed

ivesy1923

Some questions around bankruptcy. I have made the decision to go bankrupt due to negative equity in properties and credit card debts as a result. Could anyone please tell me, I have three flats one I live in my home a 2 bed flat valued at £215 000 with a mortgage of £227500 and two I rent out.

1 bed flat valuation £65000 mortgage £117000 and
1 bed flat valuation £160000 mortgage £202000

As you can see all three combined is quite a hefty negative and the rents I was getting no longer cover the mortgage etc so I have been using credit cards to pay the mortgages, credit card debt £15000.

I work full time am 25 and earn £27000 pa

As I am going bankrupt will i be allowed to keep my home to live in will this be allowed? Also from when times were good I have a 42 inch plasma, surround sound, marine fish tank etc will they come to my home and remove these or want to know about them

If anyone could explain the procedure for my circumstance would be great

Your help is much appreciated

Many thanks

PS my own property mortgage and bills are all paid and upto date unfortunately the other mortgages are been missed due to no tenants and no money

beentheredonethatstilhere

Hi, and welcome to the board. First may I ask who you have had advice from to go BR?

ivesy1923 wrote: »

Some questions around bankruptcy. I have made the decision to go bankrupt due to negative equity in properties and credit card debts as a result. Could anyone please tell me, I have three flats one I live in my home a 2 bed flat valued at £215 000 with a mortgage of £227500 and two I rent out.

1 bed flat valuation £65000 mortgage £117000 and
1 bed flat valuation £160000 mortgage £202000

As you can see all three combined is quite a hefty negative and the rents I was getting no longer cover the mortgage etc so I have been using credit cards to pay the mortgages, credit card debt £15000.

I work full time am 25 and earn £27000 pa

As I am going bankrupt will i be allowed to keep my home to live in will this be allowed? Also from when times were good I have a 42 inch plasma, surround sound, marine fish tank etc will they come to my home and remove these or want to know about them .Yes the OR will most likely let you keep the house you live in as you are in negetive equity. You will have to buy the OR's beneficial interest back from him which for a house that is owned by 1 person is £460ish in fees plus £1.

The OR is only interested in things that are going to fetch a sizable sum at auction, around £1k. So anything that is not worth this then it is not an asset. No one comes to your home, a lot is taken on trust and obviously if you have used a credit or debit card then it will be noticed.

If anyone could explain the procedure for my circumstance would be great

Your help is much appreciated

Many thanks

PS my own property mortgage and bills are all paid and upto date unfortunately the other mortgages are been missed due to no tenants and no money

Read the Bankruptcy Help sticky and threads on here and ask any questions you want to.

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