question category: Bankruptcy

Is bankruptcy my only option?
Submitted on: 3rd Feb 2009 by Non-Member | Total Answers: 2

I am currently in a debt management plan and one of my creditors have now got a charge on my house. I also have a bank overdraft from a failed business i was involved in. I am now seiously considering going bakrupt however i really don't want to lose my home. if i go bankrupt will the charge be taken into consideration when the Official reciever looks at equity in my home?

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Is bankruptcy my only option?

There's more information required to put us in a position to be able to offer best advice on this. We really think getting advice from an Insolvency Practitioner that's on your side is the next step. You need someone to take a better, deeper look at your situation and your options. If you would like us to recommend someone, fill in the form on our best debt advisors page

Submitted on: 4th Feb 2009 by TA Member

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Re: Is bankruptcy my only option?

Yes if the charging order if final and has been secured on your house it will reduce the available equity in the property for the other creditors.

Bankruptcy won't deal with the charging order while it is secured on the property. It would deal with any shortfall if you sold your house and there wasn't enough equity to clear it. Whether bankruptcy is your best option depends on the amount of unsecured debt you have, your assets and your future prospects.

Submitted on: 5th Feb 2009 by Darren Member

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