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TOPIC: Bankruptcy

Bankruptcy 07 Feb 2011 14:36 #84


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  • angela20
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My husband and myself are in an iva which is failing as we have been unable to keep up the repayments for several months although our supervisor has not yet contacted us about this. we have been advised by our mortgage company that they are going to take us to court to gain a repossession order on our home because we are i arrears. I am so stressed over everything that it is making me ill. This situation occured because l was made redundant and my husband was put on reduced hours at work so we only have a fraction of our income now. Bankruptcy seems our only way out but i haven't a clue how to go about this and would appreciate any help.
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Re: Bankruptcy 07 Feb 2011 15:42 #85

Angela,

I know it seems like a dark period and stressful, but it will get better.

From what you have stated, bankruptcy may be something you do need to look more into.

As to where to begin: if you have not done so, obtaining and looking over the forms is a good start; then if you feel you are not 100% comfortable in filling them out, finding someone to help you do this.

The company that has this web site I've noticed has an assistance service for people going bankrupt as well. And through this forum, there may be some people who can help with any technical questions you may have.

B
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Re: Bankruptcy 07 Feb 2011 15:55 #86


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  • Jon
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Yes, bankruptcy is a strong option for you and your husband.

You need to know the status of your IVA to inquire if it has been deemed as failed.

You also need to speak to your mortgage company as to the status of any repossession. While you cannot include a mortgage or secured debt in bankruptcy, once the property has been repossessed if there is a shortfall, the shortfall is then unsecured and would be included in the bankruptcy

We can help you with our assistance service as well.

Regards,

Jon
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Our Services

If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.

 

Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.

 

There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.

 

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