bankruptcy

jeybee

i have my own house and its mortgaged at £70k probably valued at £95K, I have arrears on mortgage and been taken to court but the judge agreed to me paying the mortgage plus £60 a month off the arrears, I have about £20K debts from a previous business I had as I sole trader, but im not in a situation to pay any of them ive written to them all stating this as I only have a small income which covers my mortgage and small monthly bills, if I go bankrupt do i lose my house???? plus I have a new small business that only pays for itself and my mortgage... would i lose that too??
Thanks in advance
Jeybee xxx

fermi

If you go BR then the OR/trustee will want the £25K or so equity.

If forcing a sale of you house is the only way to get it, then they likely will.

Someone could offer to buy them out of that equity. That would stop it, otherwise it would likely have to be sold.