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Should I Go Bankrupt?
Question:
I have a secured loan against my home of £38,000. I have just had my home valued and if I was to sell would have a shortfall of £30,000. I have other debts but have not been late with any payments but find am heavily overdrawn and need to take immediate action. Would bankruptcy be an option ? And how would I be best to proceed ? Thank you
Answer:
Bankruptcy is always an option, but should be throughly looked into prior to doing this.
What are you thinking of doing with the property? Even if is valued less than what is owed, this loss is not realised until you sell it.
If you cannot service the debts now, a shortfall can send you over the edge financially and bankruptcy would be a strong option at that time.
In going bankrupt, you may want some assistance in completing the forms and you may want to review our Bankruptcy Assistance Service.
Thank you for letting me help you.
Jon
If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.
Source: Should I Go Bankrupt?