bankrupt without home?

sunshine124

hi guys

just a quick question - Can someone go bankrupt if they do not own their own home?

ImStillAlive

If you mean that you rent then that has no effect on wether you can go BR or not.

You do not have to own property to be able to go BR

maxmycardagain

if you own (or are paying a mortgage) a property and have equity in it and go BR the chances are you will lose it.

all you need to go BR is previous advice, the fees and debts.......

sunshine124

thx guys,

I asked coz my friend's house is about to get repossesed and she was wondering whether she could go bankrupt after her house gets repossesed. She realises that it might be too late but she has over £100,000 of debt secured and unsecured and she is totally confused.

Any advice would be a great help.

Charis

sunshine124 wrote: »

thx guys,

Any advice would be a great help.

Hi Sunshine

There is a page of suggestions on this site: http://www.moneysavingexpert.com/loans/debt-help-plan

Hope this helps

Charis

maxmycardagain

your friend could take quick advice off CCCS or citizens advice, and register for BR inside 2 weeks, and wave goodbye to the house and all her debts, she is gonna have a house repo on her records anyway!

tigerfeet2006

Your friends first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only. CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

For more specific advice and support, in an environment that is managed by people with first hand experience of bankruptcy, and moderated to ensure that no deliberately inflammatory or abusive posts are made then please visit:

http://bankruptcysupportersclub.co.uk/default.aspx

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

Your friend can go bankrupt either before or after the property is reposessed.
All her debts including those secured on the house once it is reposessed will be included, But I strongley advise she talks to one of the debt charities as the judge will ask if she has taken proffesional advice so it is best to get it done sooner rather than later.

sunshine124

Thx for the useful information guys.

My friend was really worried as she thought that if her house gets repossessed then she won't be able to apply for bankruptcy and she will be faced with all those debts. I will tell her about getting professional advice so thx for all those links.

If her house gets repossessed and then she applies for bankruptcy, then how will that work? Coz she will no longer have the house, sorry for these simple questions but bankruptcy seems really daunting.

Any advice would be highly appreciated.

sunshine124

thx for the advice but i think that she was supposed to inform them of what she is going to do last week. I dont have the exact details of her situation but if she tries to go bankrupt at the end of the first week in january then wont that be too late?

tigerfeet2006

This is why she needs professional advice asap. Hopefully with the holiday season it will slow them down a bit.

CCCS is open Thursday 8am to 5pm. Payplan is open Thursday 10am to 2pm.

sunshine124

thx for that ts_aly2000 that makes me feel a whole lot better and i will tell her that as soon as i see her.

it also makes the whole bankruptcy seem a little humourous, but at the same time i feel scared for her.

But i liked the comparison:o