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Biting the bullet
sadsmurf
Posts: 3 Newbie
After battling debt and depression for 8 years( strange how they go hand in hand), I am finally contemplating bankrupcy.
I split from my husband last year. I stayed in the marital home with our son.
I went to court in feb to deal with the mortgage arrears which I have been left with, and am paying them back slowly.
As a result of my split, my IVA has failed- debts of 23,00, as well as bits which I have incurred post split- lapsed phone contract, gym etc.
I am managing the mortgage, and after fighting to keep my home, I am terrified if I go bankrupt it will be taken.
The amount to repay the mortgage would be 133,000 the secure loan is 13000. The house is worth about 145000. I keep hearing that I should be ok due to the negative equity(who'd of thought that could be a good thing!)
Is this true? I am terrified of filing for BR only to end up homeless and causing more distress for my son.
Please help
I split from my husband last year. I stayed in the marital home with our son.
I went to court in feb to deal with the mortgage arrears which I have been left with, and am paying them back slowly.
As a result of my split, my IVA has failed- debts of 23,00, as well as bits which I have incurred post split- lapsed phone contract, gym etc.
I am managing the mortgage, and after fighting to keep my home, I am terrified if I go bankrupt it will be taken.
The amount to repay the mortgage would be 133,000 the secure loan is 13000. The house is worth about 145000. I keep hearing that I should be ok due to the negative equity(who'd of thought that could be a good thing!)
Is this true? I am terrified of filing for BR only to end up homeless and causing more distress for my son.
Please help
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Comments
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someone will be along here soon who can offer you some sound proper advice,but just wanted to say that we are all here for you,have you been in touch with national debtline etc,the peeps on this forum advised me to talk to them and they are a great help.0
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Why dont you post on the bankrupcy. board?
Sorry, cant do linkys.
Can you afford the mortgage?
Welcome to MSE.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Hi, welcome and please don't worry you will get lots of support and advice on here. I thought I would reply, to move you back up the thread.
xThe good you do comes back to you.DFW Long haul supporters No: 134
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