What happens to my house if...

The_Hunter

Morning All,

Can anybody advise me what would happen to my house if either a) I go for bankruptcy or b) a company forces me to go bankrupt.

I have large debts and looking at my options regarding Bankruptcy, my only asset is my house which I jointly own with my wife, we have a resonable amount of equity. I also have 2 children both under 10 lvining in the house.

Would I be forced to sell the house and if so does my wife keep 50% of the equity ?

Is there any way for me to keep the house ?

Thanks.

IF

Hi TH and Welcome to the BR board. Regarding your house please read Fermi's Look here first sticky and I'm sure you'll receive more answers from other poster's but in the meantime make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another.

Please don’t do anything rash take your time and weigh up your options and read everything you can x

For ‘essential’ BR info this is Fermi’s sticky - Click here

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
  

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
If...x