Can I lose my home due to credit card debts?
By Administrator 25 September, 2014
It is one of the worst feelings in the world. The feeling of helplessness mixed with worry and embarrassment can be damaging to your mental health so don’t ignore these debt warning signs
Do you struggle to make the repayments each month?
Do you miss deadlines which results in late payment fees and penalty interest rates?
Do you receive overdue account letters?
Has your account been suspended or cancelled?
If you experience any of these warning signs then your debts have most likely already spiralled out of control. If this is the case then you need expert advice & assistance now – do not ignore these warning signs!
How can you lose your home?
If you are forced into bankruptcy due to an unpaid credit card debt then you risk losing your home – it is that simple! Your Trustee in Bankruptcy will take steps to sell your house if you have equity in it.
How can you save your home?
The most likely outcome is that you will lose your home if you become bankrupt. If you own a home and you wish to file for bankruptcy you may be able to sell the house to your spouse (as long as your interest in the house is sold for proper market value). Do not sell your home or any other property without first obtaining independent legal advice and a market valuation for your home. Selling your house at a value which is below market can be “attacked” and “overturned” by a Trustee in Bankruptcy.
If you enter into either agreement, you will be able to keep your home.
To speak to one of our specialist debt consultants regarding please call us on 1800 676 598. We operate a 24 hour / 7 days a week advice line and calls to our hotline are confidential and if required, anonymous.
You need to act decisively to save your home.