looking to go bankrupt, concerned about our house

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m15

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Post by m15 » Mon Mar 17, 2008 10:15 pm
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we are looking to go bankrupt . I have read some of these replys on here. and we too are with N/R mortgage we have a £177000 and a secure loan of £54000 on our home. we have £3900 unsecure on credit cards. My husband brings home £2400 a month and our out going are £2569. with no money to spare i will be earning shortly £600 a month . we are concerned that we will loose the house as we have 3 children.
Thank you
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MelanieGiles

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Post by MelanieGiles » Mon Mar 17, 2008 10:50 pm
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Hi m15 and welcome to the forum

How much is the property worth? And with your new earnings will this enable you to pay all of your household bills and pay off the credit cards?
Regards, Melanie Giles, Insolvency Practitioner
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Reviva UK

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Post by Reviva UK » Mon Mar 17, 2008 10:54 pm
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As melanie says it is important for us to have a little more info so we can help.

Infact it may not be as bad as you think as there are several solutions to debt - bankruptcy is only one of them.

Have I read it correctly is it 3900 on credi cards OR 39,000?

thanks for the clarification
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists
www.revivauk.com
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AlanO

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Post by AlanO » Mon Mar 17, 2008 11:20 pm
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Hi M15,

Your priority is your home - are mortgage & secured Loan payments up todate? and what is property value?

The unsecured creditors can be dealt with in a number of ways.

Your new earnings appear to creat a cash positive position that can be reviewed to see what is best for you and the family.

Best to get expert advise

All the best Alan

www.debtdr.co.uk
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