help urgently needed

jdc110571

Hi All am desperately in need of some advice. This morning i received a letter saying my husband has been declared bankrupt as of wednesday as we were under the impression that we had an agreement to pay monthly i was a little shocked! It turns out that another debtor has backed up the claim for bankruptcy so they have gone ahead. Is there anything we can do the only collaterall we have is the house mortgaged for £36k but valued at £105k as we have 2 small children and one on the way we are desperate to keep it. Is there anything we can do?? Any advice gratefully received.

Thanks
vicky

loobylou36

So sorry to hear about your situation, my husband and I were in the exact same situation a few years ago but the house could not be used to pay off the creditors as we were in negative equity

Unluckily for us the insolvency pratictioners wrote to us at the beginning of the year as house prices had risen and we had £70,000 equity in the property

My husband was discharged from his bankruptcy a few years ago and we had to remortgage to keep our house, we have two children and we sought legal advice but we had no option but to remortgage

I would seek legal advice, good luck to you and I hope things turn out ok