sell my house to rent it back?

Dithering_Dad

Biffa wrote: »

If you go bankrupt, you will more likely than not lose the lot - debt and house. You will not be able to get credit again while your bankrupt and it stays on your credit file for 6 years, so getting any type of credit during that time will be difficult and expensive. Been there, done that - didn't bother buying the t-shirt.

Like Dithering Dad has suggested, post your SOA on the debt-free wannabe board.

It sounds like you want to wipe out your debt overnight and keep the house. If you're already on a DMP then I would stick with it, but there are always other ways that you can cut back on your spending. Take a look at the old style board for some more ideas.

From reading various posts on the Bankruptcy sub board I think you can keep the house if you have negative or zero equity or can get your family or friends to 'buy' the equity from the official receiver. I'm no expert though - all my info is gleaned from that board. You're right though, it really is the last resort. The OP should only go down this path if she was about to lose everything anyway.

It seems though that she is just looking for the quickest way to pay off her debts (nowt wrong there) and I'd agree with you that the best thing to do is to visit the DFW guys and the OS board and use all of the other resources of this brill website to reduce her outgoings and pay off the debt quicker.

Good Luck Em.

sukey13

I don't think that going Bankrupt stays on file for only 6 years. These days I think they ask "have you ever been made bankrupt".

If you cannot afford your debt repayments look into an IVA. That may be a wiser move.

The CAB will give you free advice.