I was offically made bankrupt on 22nd November after an unrealistic IVA failed to help my situation. Both myself and my husband visited the local CAB to discuss our situation and for me to go bankrupt was the best option as my hubby has his own busines and van on hire purchase which would quite likely have been repossessed and we could not take that risk
The CAB advised us, as we were already in arrears with our mortgage company and loans, to stop paying them as I would be going bankrupt anyway and it was quite likely that our home would be repossessed anyway as we were under a suspended reposession order.
I have phone interview with OR on 6th December, which, to be honest will be glad when that done and over with.
The problem is I am so so scared about the imminent repossession, and I fear that our home has been seriously over valued when remortgaging etc and that my husband will be chased for any shortfall. Neither of us have the funds to pay the mortgage payments or loans at present and are not likely to in the future as we will be renting a property and will have considerable outgoings for this alone. I did read that any shortfall would be reverted to unsecured debt and added to my bankrpuptcy, which is fine and accepted, but we want to avoid my husband having to go bankrupt too, as thats what we tried to avoid in the first place!
We might be lucky and the sale may cover everything, but I just want to prepare myself for worst case.