i own a quarter share in my house with a housing association if i was made bankrupt under scottish law could i lose my house.my mortgage is up to date as is my rent
2007-01-10 04:48:57 · 8 answers · asked by swglover2000 1 in Business & Finance ➔ Renting & Real Estate
YES seek professional advice
2007-01-10 04:58:31 · answer #1 · answered by NIGEL R 7 · 0⤊ 0⤋
not sure about scottish law but you could in english....and as you part own the house you would have to check as i think you could still lose it... however there are other options like an I.V.A this is a payment that the courts can sort out that you pay the debts off at a rate you can afford.. its better than bankruptcy.. you keep everything and only pay what YOU can afford without creditor hassle..... ask your local court offices or solicitors or citizen advice... look on tv too they have adverts for it....however if you fail in these payment then you will be declared bankrupt.... but its a good solution as creditors cant do a thing so long as you pay
2007-01-10 05:02:14 · answer #2 · answered by tikketiboo 4 · 0⤊ 0⤋
It depends on what kind of BK you are filing. If you are filing Chapter 7, they will require you sign a reaffirmation agreement in most cases for you to keep the home. If the payments are up to date, that shouldn't be a problem I don't think. If you file Chapter 13, then they can't take it if you include it on debt to be kept under your Ch13 BK plan.
2007-01-10 06:01:42 · answer #3 · answered by rogers_andrew 3 · 0⤊ 0⤋
don't think so they can make you homeless but it all depends if your loans were attached to your house or not ...hope not good luck ....go to citizens advice don't sit on it you have done the difficult bit get more info for your piece of mind tomorrow
2007-01-10 04:57:31 · answer #4 · answered by bobonumpty 6 · 0⤊ 0⤋
In the U.S. your primary residence is exempt from personal bankruptcy.
2007-01-10 04:56:33 · answer #5 · answered by cirestan 6 · 0⤊ 0⤋
i don't know... but i do think that you could lose your house..... the bank can do pretty much what they want.....
2007-01-10 04:53:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Of course. They will take whatever you have.
2007-01-10 04:57:47 · answer #7 · answered by notyou311 7 · 0⤊ 0⤋
yep you could lose everything!
2007-01-10 04:53:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋