If i was to go bankrupt!?

Question

hi iv got quite a lot of debt also i have a bought house were no longer able to keep up with all the payments and I'm getting very depressed about it all, i am in touch with cab and my local council and theres maybe a chance ill need to go bankrupt what happens to your house when this happens? any advice would be help full i have a baby and a young child so I'm trying not to get to stressed but its very hard!

Answer 1

if you go bankrupt you will lose your house.  you are not allowed credit or debit cards or a cheque book or a bank account with direct debits.  You can not legally take out a loan or have credit for more than £250.  You will have to go to court to be made bankrupt and you will have to see the official receiver who will want to know how much debt you have and who you ow and why you got into trouble.

get in touch with the national debtline 0808 808 4000

Answer 2

Your family is the most important then your house, all credit cards can take a run an jump if you don't pay none of them will you be able to pay your mortgage.If you do go bankrupt then your house will be sold to pay all your debt and you will be homeless.Do all you can to avoid this and try not to get to stressed as this will reflect on your children. good luck

Answer 3

You should find all you need to know on some of these pages.

http://www.google.co.uk/search?hl=en&q=w...

Answer 4

Cant you get a lodger to help with your bills? If you have credit cards etc, get them all put on one loan from your bank, stay away from any  credit cards.....  

Answer 5

From what I know Bankrupcies were designed for people like you.  You can contact several Bankrupcy attorneys to get a consultaion for no or little cost.  My experience is that the attorney will do everything to assist you to rid yourself of revolving debts.  He/She will assist you to hold on to your house.  You will have to pay off student loans and court judgements against you, and any money owed to the IRS.  To my suprise I found out that the average person filing bankruptcy lives far beyond their earned income using credit cards to stretch their budget.  There are a lot of things you have that are not essentially necessary for your livelehood, excesses, luxuries:  such as boats, more than one car, vacation homes, water sport equipment, snowmobiles, Satellite Television, Cable Television, multiple magizine subscriptions, a poorly insulated home, excessive use of electric, gas, water, feature loaded telephone service, hefty cell phone contracts.

There are many things you can do to reduce your cost now.  I'll bet you have a PC and an HDTV.    Did you know that you can hook your PC to your HDTV via an internet connection and enjoy most of the TV shows and movies that you are currently watching.  You can use your PC to make long distance calls also.  Your cost for Phone / Internet / TV Service / Movvie Rental / Long Distance Service all can be bundled with a good service like Comcast , TimeWarner, or Ameritech. for probably far less than you are currently paying.  My monthly cost tor all these services is 65 monthly.

Too many people are living in the past where energy cost were low, incomes high, and credit was a given.  You can keep your current standard of flivng and reestablish your credit over time; provided that you stick to the changes that you make and continue to educate yourself on making better consumer choices in how you spend your money.

Answer 6

You can go the voluntary way or wait for one of the banks or the mortgage company to make you bankrupt. Either way the creditors will sieze all of your assets incl house, these are then sold. If your assets are less than what you owe, you will be expected to try and make further payments to your creditors. However they have to take into consideration housing costs, children, food and essentials, they can take whats left after you have met your basic living costs. In terms of housing, you need to seek advice sooner rather than later. If you know that it is likely your house will be siezed then contact your local housing associations, the local council can put you on the homelessness register. This can be done before you are totally out on the street. With young children and on the register you stand a greater chance of being offered housing you can afford. Good luck

Answer 7

You have to pay the Court fees to   ask for a Bankruptcy Order. Once this is given, you have to submit a list of all your assets (incl. House) and creditors. The Court will decide then if you can stay in your house and make payments to keep the wolves from the door, or that everything should be sold and pay off your creditors.