Taking the step

lightbulbnow

Hi

Having had the lightbulb moment, I'm now considering what my options are and wondered whether anyone could answer some questions for me ? If I do take this route, what happens re my property ? Next question is I travel for work, sometimes racking up 3 grand a month in expenses...what's the deal on credit cards after BR ?

Thanks for any help.....

gettingitsorted

lightbulbnow wrote: »

Hi

Having had the lightbulb moment, I'm now considering what my options are and wondered whether anyone could answer some questions for me ? If I do take this route, what happens re my property ? Next question is I travel for work, sometimes racking up 3 grand a month in expenses...what's the deal on credit cards after BR ?

Thanks for any help.....

The first and most important bit of advice i can give you is that you speak to one of the debt charities www.payplan.com or www.cccs.co.uk or your local CAB you must seek proffesional advice before making any decisions as bankruptcy is not any easy option to take .

rog2

After bankruptcy, you are asked to surrender all credit cards to OR - they ask you to cut them up, although my OR got quite indignant when I cut mine up.
It is HIGHLY unlikely that YOU will get a credit card, during your bankruptcy period, although you can get pre-paid credit cards, such as cashcardplus mastercard, which would avoid the need to carry large sums of money.
If you use a company credit card, supplied by your employer, then I see no reason why that should be affected by your bankruptcy as it is your employer that guarantees the payment.

Conor_3

What rog2 said about credit cards.

Regarding the property, if there's any equity in it, one of two things will happen depending upon your situation.

Firstly your share in the property becomes the ORs.

1) You're single and it's in single ownership. An order will be made to sell the property with any monies after the mortgage has been paid going to the OR. It is possible to have a family member/friend buy the ORs interest in it for the sum of the equity plus legal/ORs fees. If there's no equity in it, again, either you or a friend/fam member can purchase the ORs interest but for a flat fee. YOU MUST DO THIS OTHERWISE THE OR CAN FORCE A SALE IN THE FUTURE WHEN THERE IS EQUITY, EVEN AFTER DISCHARGE.

2) You share ownership. Your share becomes the ORs. The property gets valued and the other joint owners can buy out the ORs interest in the property under the same terms listed in 1. If they can't do this, the OR can order a sale.

SECURING THE OR's INTEREST IN THE PROPERTY IS A PRIORITY AND MUST BE DONE OTHERWISE THE OR CAN FORCE A SALE IN THE FUTURE WHEN THERE IS EQUITY, EVEN AFTER DISCHARGE.