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Mortgages and bankruptcy
A friend of mine has a large mortgage that he has been paying for the last 7 years however he still has about 16 years to pay on it. He is about to be made redundant and has other large debts, he wants to declare himself bankrupt and start life afresh but he is worried about what will happen to his home. I assume he looses it, is this true?
You should tell your friend
You should tell your friend to call the DAT, they will asses hios situation and give him advice and a solution which be hopefully be least drastic (i.e. so he can avoid bankruptcy) There are alot of solutions out there, he should see what is avaiable before taking the bankruptcy route as it is quite severe.