Hi, my husband and I are currently considering bankruptcy. We have combined unsecured debts in both our names amounting to £30k. We have a home which will at best have £5k equity, excluding the cost of selling it. We have a young family and I wanted to find out what the possibility of losing our home would be if we filed for bankruptcy please. The mortgage is in both of our names. Thank you.
Hi there. I would suggest you use the link winter blues gave you and have a chat with a couple of IP's for advice. They will advise on all options -- the advice is free and without obligation.
If you chose to go BR the official receiver will retain his interest in your property for just over 2 years, in which time the equity might have increased, making it more interesting to him !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your home will be at risk under BR as sadly there can't be any guarantees. Speak to two or three professionals about all the options available to you before making your minds up. x
I echo the above advice and welcome you to the forum. An IVA may be a more appropriate option depending on your disposable income nd level of expenditure that is not creditor related. Try www.iva.com will provide you with some suggested professionals who will be able to advise.
Last edited by luluj on Mon Jun 18, 2012 9:44 pm, edited 1 time in total.
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Hi Ana welcome to the forum. as the other have suggested having a chat with 2 or 3 companies will help - both for you to understand your options and for the companies to get more information on your circumstances to helplook at the implications of each option. BR may be better for you if you are on interest only mortgage and with a forced sale valuation there is greater negatvie equity. However, no-one can predict what the property market will do so you are open to some kind of risk should equity grow in your property. If you know of anyone who could offer that amount to the Official Recevier in lieu of the equity then you could still keep your home. If you don't and you wanted absolute peace of mind about your home then an IVA may be a better option. There is a lot to consider and you will know more once you have had your chats.
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font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Tina S
Hi Ana welcome to the forum. as the other have suggested having a chat with 2 or 3 companies will help - both for you to understand your options and for the companies to get more information on your circumstances to helplook at the implications of each option. BR may be better for you if you are on interest only mortgage and with a forced sale valuation there is greater negatvie equity. However, no-one can predict what the property market will do so you are open to some kind of risk should equity grow in your property. If you know of anyone who could offer that amount to the Official Recevier in lieu of the equity then you could still keep your home. If you don't and you wanted absolute peace of mind about your home then an IVA may be a better option. There is a lot to consider and you will know more once you have had your chats.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ana.da
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Tina S
Hi Ana welcome to the forum. as the other have suggested having a chat with 2 or 3 companies will help - both for you to understand your options and for the companies to get more information on your circumstances to helplook at the implications of each option. BR may be better for you if you are on interest only mortgage and with a forced sale valuation there is greater negatvie equity. However, no-one can predict what the property market will do so you are open to some kind of risk should equity grow in your property. If you know of anyone who could offer that amount to the Official Recevier in lieu of the equity then you could still keep your home. If you don't and you wanted absolute peace of mind about your home then an IVA may be a better option. There is a lot to consider and you will know more once you have had your chats.
Thank you to all who have taken the time to respond to my question. I should have stated that we do not have any spare income to facilitate an IVA. initially we were set up on a DMP by the CCCS but my husband then lost his job eleven months ago. Since then, we have been making token payments to our creditors but are tired of receiving the continuous calls and letters threatening to take further action. I am interested to know more about offering the OR the amount of equity we have in our home. Do we do this at the outset when filing for bankruptcy or is this after the two years? Thank you!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ana.da
hi, just checking
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ana.da
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Tina S
Hi Ana welcome to the forum. as the other have suggested having a chat with 2 or 3 companies will help - both for you to understand your options and for the companies to get more information on your circumstances to helplook at the implications of each option. BR may be better for you if you are on interest only mortgage and with a forced sale valuation there is greater negatvie equity. However, no-one can predict what the property market will do so you are open to some kind of risk should equity grow in your property. If you know of anyone who could offer that amount to the Official Recevier in lieu of the equity then you could still keep your home. If you don't and you wanted absolute peace of mind about your home then an IVA may be a better option. There is a lot to consider and you will know more once you have had your chats.
Thank you to all who have taken the time to respond to my question. I should have stated that we do not have any spare income to facilitate an IVA. initially we were set up on a DMP by the CCCS but my husband then lost his job eleven months ago. Since then, we have been making token payments to our creditors but are tired of receiving the continuous calls and letters threatening to take further action. I am interested to know more about offering the OR the amount of equity we have in our home. Do we do this at the outset when filing for bankruptcy or is this after the two years? Thank you!
Hi Ana.da.
We just came across this thread and thought we’d help out.
As you’ve already spoken to us and we know the details of your situation I’d recommend that you give us a call so that we can discuss your options.
We have a dedicated bankruptcy team that can talk you through the process and even assist filling in the bankruptcy forms, should you decide to go down this route. They’ll also be able to answer any queries you have.
This blogpost about what to do when creditors keep calling you might also be of interest –
CCCS is a registered charity. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
CCCS -- could you elucidate upon your dedicated BR team,please -- what sort of charges can debtors expect for your assistance?
This information could be of interest to posters who wish to investiagte BR but are currently looking to pay a BR assist firm quite a high fee.
Hi Foggy,
Our dedicated bankruptcy team offers free advice and when required we will assist with the completion of the forms.
We also work with trust funds and charities to assist clients under extreme hardship in paying the bankruptcy fees. (Funds are very limited and not everyone will be successful, but in the last 18 months we’ve helped clients access over £77,000 worth of grants.)
We wrote a blogpost about the rise of bankruptcy assist firms which you can read below.
CCCS is a registered charity. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
Many thanks for the response and the link, CCCS. When people ask specifically about BR we will have "another string to our bow", as I feel many of these BR assist firms are exploiting already vulnerable people.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
