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Possible bankruptcy

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Comments

  • Jonathan_Kelvin
    Jonathan_Kelvin Posts: 317 Forumite
    Why are you considering bankruptcy ahead of selling your house?
  • silvercar
    silvercar Posts: 50,064 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    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.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Jonathan_Kelvin
    Jonathan_Kelvin Posts: 317 Forumite
    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
    Minkym00 Posts: 791 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    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.
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