Advise Please

[Meash]

Can anyone help with some advise re BR. How does it work? how soon would my home become repossesed? How long does it last for? As all of my debt is in my name, how will it affect my husband?
Any other useful bits of info would be a real help, especially tonight as I have just had my IVA rejected and am feeling very dejected.

[Viki.W]

Meash, you'll get great advice here but I would also nip over to the sister BR site at www.bankruptcyhelp.org.uk Lots of people there going through exactly the same.

If you can get someone to buy out your share of the equity then you do not need to leave your home.

Have a read of Skippys blog, this may help.

Good luck, X

[indebtforever]

i cant help much the experts will be here shortly but have you read skippys blog on BR? here is the link its got good advice

http://skippy13.blogs.iva.co.uk/

[plasticdaft]

If you went BR it would only be your share of the equity in your house that someone would need to buy out,so it may be possible for you to go BR and allow your hubby to buy out the beneficial interest(i think thats what its called). Wait for an expert advice but dont give up hope just yet.

[MelanieGiles]

If you do decide to go bankrupt, your share of the equity in the property will vest as an asset in the estate and the Trustee will need to take steps to realise this. A new valuation will need to be obtained, together with a mortgage redemption statement, in order to value your interest. The Trustee will invite your partner (if the property is jointly owned) to make an offer to acquire your share, and if there is no-one able to make such an offer, possession proceedings may well ensue, but you are generally allowed the first year to find alternative accomodation. Possession proceedings are unlikely to be successful if the equity is less than £5,000.

[Meash]

Thanks Melanie, do you deal with BR cases or can you recommend someone that does. I think I need to speak to someone.

[MelanieGiles]

Yes we deal with bankrutpcy cases as well - but why not wait to see the outcome of your IP's discussions with NR. Your IP should also be able to give you bankruptcy advice as well.