house sale dilemma

depressed4581

Hi all currently stuck in a dilemma i'm going down the BR route have 20k around my neck long story short we have had our house for sale for 12 months and finally took an offer all being 10k under its valuation and 3 CCJ.
The property is a shared ownership scheme we own 50% the HA wont buy us out
It is currently all with the solicitors and she's waiting to hear if our lenders will allow the sale

Im going to guess that the mortgage company are probably going to stop the sale  but if they allow the sale will this go against me with the bankruptcy i really want to push that button and get the bankruptcy in place.

The only downside to all this is we have a 2year old and my wife isn't in a position to take the mortgage/rent and other bills on.
 My bankruptcy calculation comes in at -£11000 for my share of the house.
 she went bankrupt 15 years ago so doesn't really want to do it again but if needs must she will.

Im currently out of work (very little about and rural) and she's on a 0 hrs contract we get a UC payment but even with her wage and the credits its not enough to pay and live
The stress of all this is putting a massive strain on our marriage any help and advice would be much welcomed.

sorry punctuation/grammar are not my strong points.

Galloglass

inally took an offer all being 10k under its valuation

You mention under its valuation. Will there still be equity in it?

depressed4581

Hi thanks for the reply there is currently a 12k arrears on the mortgage account due to the HA going to the mortgage lenders and getting the arrears we owed them.
If this wasnt on the account it would be -2000 equity with the sale

depressed4581

Ok so quick update on this we got a call yesterday informing us that the buys pulled out 3 weeks ago just not informed us but also had an adviser from our mortgage company come round and have a chat looked at all our finances said sees no other option apart from repo which we have agreed to.
Now there is a charging order on the property and one of my debts wants to step another ccj up to a CO on me if i dont reply in 14 days.

really in a dilema now as a charging order isnt writen off with the bancrupcy is the house repo going to get this back down to a normal debt that can be included in the bancrupcy a bit further down the year

mwarby

From what I can see the charging order is simply securing the debt against the property, if the property is being repossesed that shouldn't have much impact on you. If you went bankrupt all the unsecured loans are written off, that includes any mortgage shortfall. The chances of a creditor moving in 14 days in current climate seems much reduced