Little OT for this forum but in Bankruptcy if it is calculated that we had little or no disposable income, could we be forced into a cheaper property by the OR. (Renting not mortage).
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
If it is deemed that your mortgage costs are excessive you could be obliged to sell and rent. See section 31.7.36 on the above link. As Andy says it is unlikely but it is a possibility.
A friend of mine was asked by the BR people if they were able to down grade! In terms of the size of their house they were renting! They pay over £1K PM renting a 4 bed detached house and was asked to re-locate to £500PM smaller house. They said no as they need the room for their elderly parents (advice given to them by their solicitor).
If Football was meant to have been played in the air then God would have put Grass in the Sky
If anything is deemed excessive the OR may try and extract additional funds for creditors. I am sure there has to be limits even for renting but nothing is set in stone.
Yes they can - but I think it would be a brave OR who would want to see this all the way through. The mortgage company for instance might be quite upset to suffer a shortfall on sale if the bankrupt was affording the mortgage payments for instance.
