how can I keep my house?

exiled00

[FONT=&quot]l[/FONT][FONT=&quot]ooks like bankruptcy is becoming my only option. mortgage outstanding £80k, secured loan remaining £58k and a £4k charge on the property. So a total £142k secured debt on a house that I'd estimate its value at £170 at best, so potentially 28k equity. I am married with 2 children and the mortgage is in my name only and only I would be being made bankrupt as all the unsecured debts are in my sole name.[/FONT]

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[FONT=&quot]My only issue with going bankrupt is potentially losing the house. I can afford to pay the secured payments on it and have no defaults or arrears on these 2 repayments. As there is 28k equity would I be forced to sell the house? Does my wife and children living in it have an impact? How much equity would be the cut off point to being made to sell it? Really don't want to lose the house so what are my chances or what can I do to make this happen?
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[FONT=&quot]Help[/FONT]
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[FONT=&quot]Thanks.[/FONT]

debt_doctor

Hi,
With the figures above, holding on to the house would prove difficult unless someone can make an offer to purchase the ORs interest in the property. If that is not possible then your property is very likely to be sold. Homerights would delay a sale for a year.

I wonder if an IVA may be a better solution for you?

As we know so little of your circumstances, and because you should anyway, contact a debt charity and talk through your situation with them then post back on here so we may assist.

DD

tigerfeet2006

Infopremiere, why would the poster want to look at that site when everything they need is here and non-commercial?

Hi Exiled and Welcome to the Bankruptcy (BR) Board.

The first step is to 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 you are not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *


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.

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

For ‘essential’ BR info this is Fermi’s sticky.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations.

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here Select the MSE format at the end. Copy and paste onto your thread.


If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.


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

For what it is worth, I think that DD is probably correct in that an IVA may be more suitable for you. Get in touch with a debt charity and see what they advise. If it is an IVA then post on the IVA & DRO board for advice.

Best wishes TFx