nkrupt because i signed a guarantee for rental for five years. i am worried i will loose my home i have only about £10,000 to £15,000 equity in my home the rental outstanding is about £35,000 could you please advise me as to the possible outcome of this situation thank you.
Province/Country relating to question : lancs
nothing as yet
Thanks for your question. Please remember to click ACCEPT once you get my answer.Do you own any other assets?What is the value of your house?
I have no other assets and my house is worth approx 100 grand and I owe 85 grand
It is unlikely you would lose your house.You should settle any debt by negotiation. You Should explain to the creditor that you have no assets and little equity.Any judgment or bankruptcy would only be on paper and very expensive for them.If you were made bankrupt, then the receiver would want the equity.You would be given the option to raise the equity through an additional loan or to sell the house.The chances are you could get a loan for the £15kAs such your house would be safe.There is no point making someone bankrupt if the have no money.You could always consider an IVA, it is similar to bankruptcy but does not go through the courts. Please remember to click accept so that I am credited for my time. Thank you.
i am in full time employment how would this affect my finanacial situation
No.But you may have to pay a contribution towards your creditors.But you are normally discharged from bankruptcy after just a year Please remember to click accept so that I am credited for my time. Thank you.
Called to the Bar in 2007
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