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People approaching retirement are having to resort to equity release to bring down their debt levels, according to new research.

www.bankruptcyhelp4u.com 888-682-5251 Chapter 7 helps eliminate debts such as credit card debt and medical bill debt while keeping assets. PR Smith Law Group in Tampa, Florida helps clients obtain debt relief though this bankruptcy option.

We went bankrupt in November 2010, moved out of our mortgaged home, and moved into rented accommodation.. We owned a property (mortgaged) which had a 75K mortgage and also we had a 30K secured loan and £50K UNsecured debt. Just recently, one house near our old house, went for £105K, so the most it will get (at auction probably) is about £90K.

So we went bankrupt and the receivers contacted us to see what assets we have – we have none, except for the house. We haven’t been back to the house since, and didn’t have our mail redirected as we have informed anyone of any importance about our new address.

Well, I phoned the receivers today to ask if they have let the creditors know yet, (because at 12 Jan 2011 they hadn’t..) and they said yes they informed them and sent a report of our debts and other creditors on 18 Jan. Then this girl said, ‘your unsecured debtors (we had £50K unsecured debt) will know there’s little point in trying to you, but the mortgage company will need to contact you and know your ‘current’ address, because they will need to issue a repossession order,,,’

I am utterly baffled, as when we spoke to the receivers in November, (AND the court too,) they both informed us that the receivers would deal with everything, and that the creditors will need to go to the receivers for any assets we have. This is how bankruptcy works surely.???? And now this girl tell us that we should have contacted the mortgage company voluntarily, because the creditors ‘only let the creditors know the person is bankrupt,’ and because there is little equity, they don’t take the house themselves, they just leave it up to the mortgage company to reposses it at their leisure. So apparently, we are supposed to work with the mortgage company through the repossession. !!!

But why on earth should *we* have to let them know our new address so they can badger us here, ?? Surely they can repossess it without us. I was under the distinct impression from the court and from the receivers (at the start) that once we go bankrupt, it’s out of our hands. and now 3 months on, one girl at the receivers office is saying that we should have contacted the mortgage company so we can help in the repossession process!

Well excuse me, but we did pay the receivers £900 (£450 each) to do this job for us, and what would happen if we had buggared off and just abandoned the house like a lot of people do? Surely the repossession can go ahead without us?

Can anyone advise? I am super reluctant to contact the mortgage company and see no reason why they can’t simply repossess without us. And I am particularly pissed off that the receivers AND the court said it’s out of our hands and we need to do NOTHING, as declaring ourselves bankrupt freed us of the debt (and the assets of course..) and now this girl today has said we should inform the mortgage company of our new address, or the repossession order will take many months, as they ‘need our signatures…’ for the repossession order to go through swiftly.

For one, why only say this now? And what happens if someone abandons a property? Should we just leave it and wait for them to repossess without us?

I have about ,000 in unsecured debt from credit cards. I plan to pay two off soon, but that still leaves about ,000. I am paying the minimums and have a good credit score (730), but my interest is so high I’ll never pay it off.

My first thought was to go to consumer credit counseling services but since I am not delinquent I don’t want to negatively affect my credit at this point. So, I thought I would go to my bank and get a loan to consolidate. Should I go for a personal loan or a consolidation loan (my bank is Chase)?

Also, two of the credit cards I carry are Chase credit cards, will this hurt my chances of getting a loan? Any help will be appreciated!! I am willing to cut corners, make some extra money etc. to pay off as much as I can. I have cut up my credit cards and not used any for over a year but I am still overwhelmed. Help please!
I am currently paying about 0 a month just minimums, interests rates all around 20%. If I can pay any less than this a month at lower interest it will help no?

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My wife and I have approx k in unsecured debt and second mortgage already. We’re paycheck to paycheck paying min payments now and its pretty uncomfortable.

I don’t want to shirk my responsibilities but we’re in a rut, treading water and not going anywhere. What type of professional should I trust? I’d like to sit down face to face with somebody. My research in different debt consolidation services scares me as does the thought of bankruptcy but for all I know, those are viable choices but I’d really like to talk to a neutral party to help me decide what to do.

A CFP would be more investment oriented right? Are there any government sponsored organizations statewide that are good?

Thanks,
We have a budget already and have cut down monthly expenses (tv, phone etc)to a minimum, living modestly. We analized a debt repayment plan but based on our surplus cash were looking at 4-5 years to get out by using the debt snowball thing. That is also assuming no financial hardships popping up.