Bankruptcy Just found out I am today!

SheldonCooper_2

Just found out I was made Bankrupt two week ago, by receieving a huge envelope through the post and told I have 2 -3 hour appointment on the 15th April - Bit of a shock but not totally unexpected.

I had £90k of unsecured debt build up through stupidly thinking this downturn would end. We worked in our business for no wages as such for two years. Due to monies for business premises mounting up, and my failing health due to long standing chronic illness, the plug was pulled on the Ltd company last September - then the battle with the DWP started (and ATOS) which was finally resolved about two weeks ago. Thank you my MP who was a great help!

So my wife and I are on ESA in house mortgaged for £130 on one of the last Self Cert Mortgages (real terms might scrape £90k because of the condition)

My only worry really is the roof over my and my wifes head, and my 3 small dogs

Any advice right now will be very gratefully recieved

We have recieved no Bailliffs, no doorstep collections companies, no warning letter - only notification that our IVA had failed couple of weeks ago!

debt_doctor

Hi,

So it seems that your house is in £40k negative equity - Is that correct?

If so then you will be able to keep the house but only if you can afford the secured lending. Are you able to afford the secured lending?

DD

PippaGirl_2

Out of interest, who made you BR? HMRC I assume?

Advice now would be to make sure you have a BR friendly bank account, as you are already BR if you don't already have such an account your only option is the Barclays basic. I would speak to either National debtline or Stepchange in preparation for your appointment too or see the CAB. Do you have any assets? Car?

You will be fine, even if you do at some stage have to find rented accommodation if your current home is not affordable. Your dogs will be fine too.

tigerfeet2006

As they were business debts I would speak to Business Debtline http://www.bdl.org.uk

National_Debtline

Hello there,

Here's a useful guide to what might happen with the home within bankruptcy: http://www.bis.gov.uk/assets/insolvency/docs/publication-word/what-will-happen-to-my-home.doc

Hope you find it useful.

David @ NDL.