Topic: Bankruptcy and my home and secured loan

[Rv02]

Hi
I am about to go bankrupt as I have over 50k unsecured debts and am about to loose my job. I have a house and a secured loan in joint name with my wife and my house is in negative equity.  I have been advised that what I can do is to hand the keys back and once the mortgage company sell the house any shortfalls will be wiped out in bankruptcy because it will be unsecured loan and the same with my secured loan. My wife is not a very high wages and we have to live on that


However some others have said I have to wait for the house to be repossessed and sold before I go BR in order to know what the shortfall is. Unfortunately I just don't have time because of loosing my job and this has caused me and my wife and our young daughter tremendous amount of stress. Any advise is appreciate it. We also looking to pay BR assistant firms to deal with our case any one think whether this is good idea as I don't think we can go through with the stress of this on our own
Thanks

[James Falla]

Hi Rv02
 
I have dealt with many people in your position. If the house is in negative equity and you can no longer afford to live there then you can go bankrupt before the house is repossessed. You certainly do not have to wait so you have nothing to worry about there.
 
In terms of paying for help with the bankruptcy process if you feel that you need help and support then yes you should definitely do this. I offer this service myself. I would suggest that the key thing is  making sure you do not pay over the odds. I have heard many horror stories of people paying £1500 +. The service I offer costs £350 for a single person and £575 for a couple.

[Rv02]

Thanks for your advise. Is there an email or contact no for you

[James Falla]

Hi RV02. I am not allowed to leave my contact details directly on this forum but go to the link in my signature and you will be able to reach me there. I will be happy to help if I can.

[russelanthony]

At the Genesis Law Group, Bankruptcy law is designed to assist individuals who are facing financial difficulties. A Bankruptcy can eliminate your debt and begin rebuilding your credit immediately. It's easy to see why Bankruptcy can be the best decision you can make.

[Silver River]

Silver River Productions is making a programme for Channel 5 about the dangers of debt, the perils of borrowing money and how quickly creditor's financial demands can escalate.
We would like to hear about your personal experiences with debt. If you have a current debt problem and would like to share your story in a confidential research chat, please contact Zehra Yas at Silver River Productions, UK.

I am not allowed to leave my contact details directly on this forum but go to the link in my signature and you will be able to reach me there.

Thank you

[russelanthony]

Hi, You can chooose the bankruptcy to save the house. You can owe time and do hardwork in your field and earn alot of money and pay the all installments due and make your house free of bank

[Richard Stockburn]

Hi there

You can safely proceed with bankruptcy, secure in the knowledge that any shortfall will be included in the final figures. The Official Receiver will write to the mortgage lender and instruct them to forward the final shortfall figures when they become available. This figure will be included in the bankruptcy regardless of the timeframe for selling the property, though be careful not to sign an Acknowledgement of Debt with the mortgage lender as this could complicate matters.

Best of luck

Richard Stockburn bankruptcy.co.uk