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A good starting point for bankruptcy questions
By Jasonlee
#33089
Hi

This is complicated and any help appreciated. I was sectioned 15 years ago after serious suicide attempt been on anti depressants since. I managed to rebuild my life and we own 38 BTL houses and have my own small Ltd company buying and selling online. Due to stress again I have been falling back into illness. All the properties are in negative equity We have a mortgage on our own home which was in positive equity until Japanese knotweed took over the land next door so we can't sell. I may have to close my ltd company due to mental depression. The only way out of this put is BR because the BTL houses have caused so much I'll health and it would give us a clean break. We are currently up to date on all payments but this illness could soon stop that. Any advice appreciated.
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By Hayden
#33090
Hi Jason and welcome :)

May I ask if you have decided to let the Buy To Let properties go? Given they are all in negative equity and you do not want to keep them you could allow them to be repossessed by the lenders. You would then be personally liable for any potential mortgage shortfalls. However these debts could then be written off by going Bankrupt. More information about this process can be found here: Write Off Mortgage Shortfall Debt with Bankruptcy.

Given the number of properties that you own and the complexity of your situation I would strongly advise that you speak to James Falla before making any decisions. He will be able to talk you through all your options and help you find the best solution. He can be contacted through the Beat My Debt site.
#33093
Hi there Jason

As Hayden said bankruptcy could well be a way out for you. Do have a look at the link he posted as you will find that very useful. I would also speak to James and get some advice from him. Good luck with it :)
By Jasonlee
#33094
Hi

Thanks for your replies. We are currently still up to date with payments the rents across the portfolio do cover the mortgages but only a .5% rise in interest rates would pop it. I estimate about 200k negative equity. Due to the size of this is there are service available where James could come to Sheffield for a full review and action plan and if there is what would be the cost ? Our aim would be able to extract enough money from the rents to cover 12 months up front payment to rent a property nearby. This would put the family safe. I would be on sickness benefit and my wife would be self employed only 3 days per week. Thanks in advance. pS portfolio is around 3 million.
#33095
Hi there Jason

The first thing to do would be to have a chat about your situation and potential options on the phone. We could then take it from there. Please send me an e-mail with your contact details and I would be happy to give you a call. My e-mail is james.falla@wilmott-turner.co.uk. Alternatively please do ring the Beat My Debt number (listed at the top of this site) and ask for me.

I look forward to speaking to you.
#33100
Hi Jason,

There are a few things that can be done with your negative equity situation, I know someone in the Sheffield area that could come and talk to you and hopefully help you out.

Drop me an email and I will put you in touch.

Regards
Simon