Possible bankruptcy

Jonathan_Kelvin

Why are you considering bankruptcy ahead of selling your house?

silvercar

Jonathan_Kelvin wrote: »

Why are you considering bankruptcy ahead of selling your house?

Both have the same result, no debts, no savings and no house.

You want a way that saves your home.

Jonathan_Kelvin

silvercar wrote: »

Both have the same result, no debts, no savings and no house.

You want a way that saves your home.

Indeed, but out of the two “cataclysmic” options a voluntary sale is far, far better than bankruptcy.

Minkym00

If you go bankrupt you will lose the house, but you are also unlikely to get anything back if there is more than £40k equity as you will also have to pay the OR’s fees and the IP’s fees. But you will get a year before this happens.

If you sell the house yourself you can manage your money and your debt however you like, and you will get to keep all your surplus once the debt is paid. But you will have to move out quicker than a year.

You need to think about what works best for you.