Even the word “Bankruptcy” can seem frightening. Thankfully bankruptcy is rarely required to address negative equity, however it has its place.
As we have the full range of property debt solutions under our roof it’s vitally important that we present all relevant options to every client. This ensures they are able to make an informed decision on what to do next.
Bankruptcy is different from every other service we offer, in that there is little or no negotiation. If a client wants to file for bankruptcy, and is legally entitled to, then it is their decision alone.
Bankruptcy may be suitable for those with insufficient disposable income to offer a settlement for their negative equity debt.
Bankruptcy does not mean:
- Losing your home – if the mortgage is up to date and there is minimal equity in the property
- Losing your car – if its value or equity is less than £3,000
- Losing your job – very few employers would take exception to an employee going bankrupt
- Losing your pension – providing the lump sum has not yet been drawn
We specialise in negotiating with lenders regarding both the sale of negative equity properties and settlement for the remaining debt. We take away your worry and the stress of having to deal with lenders, tenants, valuers and estate agents.