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Hi, I am after some advice regarding bankruptcy and voluntary repossession. After losing a previous job, I am approx £8k a year down on my wages. I am currently in arrears on my credit card and loan repayments. Up to now my mortgage is up to date, but despite my best efforts to cut back on expenditure I still cannot make ends meet. I do not want my house anymore as there is work that needs doing to the property I have no way to finding the money or repaying it if I did. What I have decided to do is fie for bankruptcy and ask the mortgage company to voluntarily repossess the property. I have read everything which I hopefully need to know regarding the debt, shortfall and not signing any deed of acknowledgement. However, my plan regarding a place to live has fallen through and at the moment I am not in a position to have all the money needed for a deposit elsewhere. My question is once I file for bankruptcy and continue making the mortgage payment, can I hold off asking for a voluntary repossession for say 6 months. Obviously I will request a repossession before the end of my bankruptcy/discharge, but can I actually do this or would the OR not allow this. I have searched high and low but cannot find a definitive answer other than asking for a repossession when going bankrupt. Any feedback would be much appreciated. Thanks.
