House repossession Worries on going Bankruptcy

newboy11

Hi Everyone,

First of all want to thank everyone who comes here to share experience and advise. Great site.

I am considering going bankrupt over £34k over 4 CCs & a Personal Loan ( UnSecure ). My main worry is I am a sole owner of my house of which I took the mortgage 2010, borrowed £113k and after 2yrs payment the Balance is £109k. Over the past two years been through divorce & Csa payment which stretched me so much so ended with the above debt.
So how likely am to loose the house I am paying for through BK. I am in full time employment and have never defaulted on paying bills minimum which is not going to take me anywhere. Kids come to see me and stay and sleep in the house weekends.
Any advise regarding keeping of the house? Thank you and may God Bless everyone helping here and suffering from debts.

PippaGirl_2

How much is your house worth? Would need to know what the equity is before advising as to the likelihood of losing the house

debtinfo

value of the house?

newboy11

Its a mid Terrace bought it for £132k in 2010 with £20k deposit & borrowing £112k + fees taking it to £113k for borrowing from Lender. Similar house currently being advertised for £109k in the area. Hope this helps. Look forward to your views/advises. Thanks

newboy11

To add onto above my car is 2001 register 71k mileage, Seatee in house bought for £25 from friend, laptop 2008 Dell, no other valuable asset. Beds bought from ebay. Shirts and trousers from ebay. Anyway think thats enough as this alone shows how much I am struggling to meet bills.

debt_doctor

So your property seems to be in negative equity, which means it is feasable to keep the house so long as you can afford the secured lending and that the mortgage payment is reasonable.

DD

PippaGirl_2

The OR may want a valuation on your property and they may choose to keep the option of an interest in the house for a number of years in case it gains value/equity but on the face of it its doubtful they will seek its immediate sale.

newboy11

All,
Many thanks for your views or advise. Very much appreciated.
I used to be able to have my children for the whole weekend but now I work six days a week and only have them for one day a week due to trying to make more overtime inorder to meet bills.
I am ready to jump on the van wagon now.