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Original poster

bankruptcy can you ever keep the house?

13 replies

carol3 · 01/02/2007 23:38

life crap at the mo, ex walked out on me in nov, now facing bankruptcy, have an appointment with cab next week but any advice would be great.

OP posts:
Original poster
carol3 · 01/02/2007 23:50

anyone?

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magicmummy · 01/02/2007 23:57

Get a good reputable advisor. Have you considered an IVA instead of Bankruptcy ?

Original poster
carol3 · 02/02/2007 00:08

hi mm, yep just gone down the iva route with debt free direct they've just come back and said its not possible

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magicmummy · 02/02/2007 00:13

I would suggest getting touch with someone like this

If you want to chat offline, you can e-mail me on:
fletch54(at)tiscali(dot)co(dot)uk

Going to bed soon, but will be around tomorrow evening

Original poster
carol3 · 02/02/2007 00:26

thankyou mm.

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Original poster
carol3 · 02/02/2007 07:26

bump

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Freckle · 02/02/2007 08:16

Depends on whether there is any equity in the house and how much. At the end of the day, the receiver is trying to realise as much money as he can to satisfy your creditors. So, if the property is heavily mortgaged and, following a sale, there would be little or no equity available, it is unlikely the receiver will want the property. Also have to consider how much renting would cost compared with the monthly mortgage payments.

If there is substantial equity in the house, then the receiver is likely to want to realise that. You may be able to postpone a sale for a while if you have children, but not indefinitely.

Are the debts just yours or joint with ex or are some of them your ex's? What is his position? Is he employed? Does he have any assets?

Judy1234 · 02/02/2007 08:50

Hvae you applied for emergency/interim maintenance/payments from your ex?
Can you take on a second job at weekends?

leahsmum · 02/02/2007 09:03

Are you in Scotland or England?

CocoLoco · 02/02/2007 20:54

Visit the Dealing With Debt board at the Motley Fool. Post your SOA (statement of affairs) and they'll be able to advise you. Look out for Colin/SON1C, he's the real expert on bankruptcy there. His own website is here . HTH.

Original poster
carol3 · 02/02/2007 21:11

thanks guys, theres no equity in the house the morgage and loan totals come to 10 grand more than house is worth, really want to stay in the house if possible yes i would be much better off renting but having just lived through the last 2 years of hell can't face moving as i love my home.
Stupid me, debts in my name so looks like only I will have to go bankrupt.
Really in a mess trying to cope and not let it show but life hard at the mo,
I already work 40 hrs a week, and kids are 3 6 and 9 so can't do more,
will look at links provided thanks guys.
x

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CocoLoco · 02/02/2007 21:42

I'm sorry you're in this situation , it must be hard to keep holding it together.

Are you definitely in negative equity? i.e. is all your debt secured on the house, or is it that all your debt adds up to 10k more than the house value? AFAIK with negative equity you can stay in the house after bankruptcy as long as you can afford to pay the mortgage. But don't take my word for it - do look at the site I recommended, they really do give good advice there.

Original poster
carol3 · 02/02/2007 21:46

thanks coco, yep debt secured comes to ten grand more than value, plus other debt, can afford to pay secured debts just! but not the rest.
Thanks for advice

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