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Timing of bankruptcy - a bit of advice please
GubGub
Posts: 44 Forumite
I have previously spoken to stepchange (when it was cccs) and they have advised bankruptcy. I have a mortgage of around £100,000 on a property which has just been repossessed. There is an unsecured loan of around £35000 which is linked to the mortgage (I don't really understand this, I didn't take out the loan but later replaced one of the original debtors). I will be lucky if the house sale reaches £85,000 so there is going to be a considerable shortfall.
My question is, given the unsecured loan, would there be any issues with me going bankrupt now rather than waiting for the house sale? I would really much rather get on with it if possible rather than stringing it out any longer. I just want this all to be over now, and if I don't petition that day isn't going to start getting closer.
My question is, given the unsecured loan, would there be any issues with me going bankrupt now rather than waiting for the house sale? I would really much rather get on with it if possible rather than stringing it out any longer. I just want this all to be over now, and if I don't petition that day isn't going to start getting closer.
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Comments
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If you are technically insolvent now, i.e. unable to pay your debts as they fall due, then there should be no issue.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Thanks fermi (and thanks for the promptness of the reply!)0
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