Bankcruptcy or PIA and retaining family home

Ulster bank have a 6 year limit from last contact within which they need to commence legal action against you. Going bankrupt at this time would appear to me to be somewhat extreme. UB may simply obtain a judgment and register this against your PDH. They will not go through the effort of trying to get a "well charging order"/"order for sale on your PDH. However if they do register a JM this will remain active for a 12 year period should you wish to sell/transfer the property within this time-frame.

I would tend to wait until UB strategy is clear. If they commence legal action you have plenty of time to make a decision.
 
Okay, thanks for that 44brendan. My fear in waiting was that the build up of equity in my home over the next number of years may induce the UB to attempt a force of sale/bankcruptcy. So wasn't sure wether in the long run it would be better to attempt to draw a line under things now with bankcruptcy while the equity is low. And also it would lift the stress of the debt. But would be fearfull for my kids of losing the family home.

I do understand there would be no gain at present for UB as the value of the house and the Morgage balance are on a par. Thanks for your advice 44brendan, it's much appreciated.
 
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