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Are you already bankrupt?

An alternative option for UK homeowners.

Even if you have already been made bankrupt there may still be a way to get out of debt, a way that will leave you debt free, still in your own home and with credit available to you in the future.

If there is sufficient equity in your home and there are no problems with your existing mortgage, it may be possible to have your bankruptcy annulled by the courts. This process will wipe your bankruptcy record clean, repay all your unsecured debts and secure your home.

Before you can explore this alternative to bankruptcy, you need to be sure that there is enough equity (the difference between what you owe the building society for your house and what it’s worth now) in your home to cover your debts and fees.

This route out of bankruptcy works by re-mortgaging your home, borrowing against the equity in it, to fund not only repayment of your debts but payment of all costs and fees involved.

Once this has been arranged and proof provided to the Court, it has to annul your bankruptcy, as you are no longer bankrupt.

It will be wiped from your record, as if it had never happened and you won’t have the stigma of having been a bankrupt.

The first step is for bridging finance to be arranged to repay your debts. Once these have been paid and proof given to the Court, an annulment is arranged and an annulment certificate obtained. At this point your bankruptcy is deleted from the record and the re-mortgage of your property completed.

The re-mortgage then clears the bridging finance, your existing mortgage, bankruptcy trustee and petitioning costs and the cost of the annulment.

You are then free of debt, still in your own home and ready to start a new chapter in your personal financial story.

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