Bankruptcy question?

[chris.g]

The OR should allow you to stay for 12 months and providing you keep up with mortgage/secured loans payments, you should be fine. The way the house prices are going, could the house be in negative equity/just breaking even? If so, you may have the opportunity to buy the house from the OR.
There may be a problem renting if you're br, some letting agents don't let to br's so that may be a problem-we rented before we filed for br.

[Helen030166]

Hi Chris, I understand what you mean - to go private rented with even a bad credit rating before BR we'd need either 6 months rent in advance or a guarantor so during a BR order would be virually impossible! To rent a 2 bedroomed house around here would be at least £500 per month so that £3,000 plus agency fees and deposits its ALOT to save up for! but you know that anyway LOL. The other way is a bit of a gamble because like you said being a Bankrupt would be very difficult to get private rented so we if stayed in our own home, then the OR said we'd got to leave for it to be sold - (it has a small amount of equity left but with he current market it may probably go into negative equity very soon) we could find ourself homeless and going to the local council and probaby end up in a hostel till they could find us somewhere - my partner wouldn't let that happen, as it would be miles away from my son's school, and we don't want him to have to move schools,thats the most important thing. So maybe we need to save as much as possible first and move to a house of our own choosing first?

[chris.g]

We were lucky, we rent direct form our landlord and we were upfront about the br. Turns out he was made br years ago and was fine about letting to us. Is there any possibility you could rent direct? It would save the fees and large bonds letting agents charge.....

[Reviva UK]

Hi Helen

The very best way for you is to arrange alternative accomodation while you have everything going for you.

If you try to remain in the house - which has a mortgage that is about to almost double in July - you will not be able to afford food let alone save for moving expenses, or a deposit for an alternative home.

This would be a disaster and I just could not recommend this.

from our discussion you need to follow the strategy of the plan we discussed and this will see you through to a new affordable home with deposit paid and time to sort the costs out for this.

I just can't see any other viable option that would not mean heartache or disaster.

The very best solution is always one that you can control and manage within your timeframes. This allows you dignity and time to manage all the events.

Having these life changing events impossed upon you without any control is simply not pleasant.

[Helen030166]

Hi Paul, i understand fully what you are saying, i'm just trying to see the best way to deal with this for all of us as its a lot to get our heads round at the moment!

If you can give me a ring BEFORE you come up here on Saturday as we need to talk you again about things and its a long way for you to come, without us knowing fully what we are getting and having to be able to afford?

Thanks again,

Helen x

[neil277]

Hi Chris
I was watching GMTV the experts were saying that the process for BR is very slow and you could still be in your house upto 12 months or longer as the banks do not like going to court.

Regards.

Neil