when to apply for bankruptsy

andrewwales666

Hi all and happy new year.
I have posted this question before but need some reasurance.
I have £15.000 unsecured debt,a mortgage of £82.000 and 2 secured loans with 2 seperate lenders of about £28.000,the house is worth about £75.000 so about £30.000 negative equity.I have had the same 2 jobs(8hr and 4 hr )for the last 8 years and am now sruggling to cope with doing both and my main job has changd and im struggling to do that.My girlfriend is move to be near her family and i want to go with her and would be more than happy to let the house go.how do i go about it please.
many thanks
andrew

National_Debtline

Hi Andrew and Happy New Year to you too.

If your question is whether the timing of your bankruptcy makes any difference, the answer is no. The negative equity (which would be reclassed as a shortfall once the house is sold) will go into your bankruptcy as the mortgage and secured loans were taken out before bankruptcy - the actual sale date doesn't matter.

As for the practicalities of applying for bankruptcy, can I refer you to our fact sheet for starters:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy

If you've got any further specific questions, please ask!

Regards

Dennis @NDL

andrewwales666

many thanks dennis,im just very nervous about making the final step i supose.i di intend i jack my main job in and get another part ime job wich will reduce my income,will they be negative to that

longtermplanner

andrewwales666 wrote: »

im just very nervous about making the final step i supose.i di intend i jack my main job in and get another part ime job wich will reduce my income,will they be negative to that

Nervous is understandable - bankruptcy on its own is a big decision but you are also proposing moving and changing jobs!

During the bankruptcy process no-one makes any moral judgements about what you have decided to do or tells you should be earning more. You will not have your bankruptcy refused because of this and no-one is going to criticise you or 'make' you get a different job.

You have a pile of unsecured debt and a house you cannot afford with a pile of negative equity. Handing back the keys and then going bankrupt sounds like a sensible way forward to me.

alastairq

andrewwales666 wrote: »

many thanks dennis,im just very nervous about making the final step i supose.i di intend i jack my main job in and get another part ime job wich will reduce my income,will they be negative to that

The Official Receiver only has interest in your assets...and, for a while, your current income.

How the BR chooses to organise their work [if any] is entirely for the BR..the OR can, & will, offer no opinion whatsoever.

There is no judgement whatsoever with BR.