Home reposessed, looking to go bankrupt, BUT...

[julianrob77]

HI

 

i need some advice on my situation.

 

Ok so my home has been reposessed and ive moved out, since they are looking to evict on 1 september. ive been very lucky in having a friends flat available so that is OK.

 

the overall plan is to declare bankruptcy, to clear all my debts.

 

the questions i have are the following:

 

1) There WILL be a shortfall from any re-sale of the properly, quite significant in fact. If i declare bankruptcy, will they still be able to come after this negative equity shortfall? this i am unclear on. I should add that during the reposession, a money order was also made for the full mortgage amount.

 

2) there is a charging order on the property from another loan that HSBC slapped on me. I have looked into this, and it seems to be fraught with complexity as to weather it will be included in the bankruptcy or not. In fact, this even escalated to a warrant of control. hence why i moved before being evicted. the point is that since the property is reposessed, what is the situation with this? I am very confused.

 

the whole point though is that going bankrupt is the last resort but i dont want to do this and have two highly significant debts left over that are going to make the rest of my life a misery. its already bad enough.

 

thanks

 

J

[unclebulgaria67]

Think you need to speak to someone that deals with insolvency. You need specific advice relevant to your position and not any bits of advice you would obtain online.

 

Until the house is sold, you won't know what the debt amount is. Can you go bankrupt listing a debt with the amount to be advised later ? Not sure this is possible.

 

Not sure why the HSBC debt subject to a charging order would not be included. I thought most debts could be included in bankruptcy.

 

Shame that you cannot seek to suspend the repossession and seek to sell the house. Houses sold after repossession generally sell for less and then they add all their various costs. So the amount of debt can be a lot more than envisaged.

 

Might be worth phoning National Debtline to find out where you can obtain advice on bankruptcy.

[citizenB]

National Debtline should be able to advise on the Bankruptcy and what can and cant be included.