| Author |
 Topic  |
|
Skippy
forum expert
United Kingdom
3290 Posts |
 Posted - 03 August 2012 : 12:40:15
|
I'm presuming it's like buying back the beneficial interest in a property?
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
 |
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 03 August 2012 : 15:37:50
|
Yes, I am familiar with the concept of buying beneficial interest. To anyone looking at this post who isn't either ask a question, contact an expert or try the search function on here - there is a wealth of information available.
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
|
|
|
year 2029
Average Member
590 Posts |
Posted - 03 August 2012 : 17:57:11
|
Hi Tracey, I wasn't implying you weren't familiar, it was for lurking readers ;-)
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 03 August 2012 : 18:59:57
|
As was my reply.
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
|
|
|
year 2029
Average Member
590 Posts |
Posted - 03 August 2012 : 19:49:39
|
Here's a link to debtinfo's comprehensive explanation of buying a beneficial interest of an asset.
http://bankruptcyhelp.org.uk/forum/topic.asp?whichpage=2&TOPIC_ID=15060#63054
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 03 August 2012 : 20:20:41
|
quote:
Originally posted by xmas baby
PC Coventry,
When you say you had to 'buy' your car back, I'm not sure what that means. Surely if they take your car as they see it as an asset and then you buy it back, you still have this asset and I would have thought they could just take it again. It would go around in circles. I know there is obviously an answer to this, but the whole process of 'buying back' seems a bit bizarre to me.
xmas baby
The reason it does not make sense is that the OR would expect the funds to come from a 3rd party (ie a family member) so it is them that is buying the interest as far as the bankruptcy is concerned and so the bankrupt him/herself does not have any additional assets |
|
|
|
year 2029
Average Member
590 Posts |
Posted - 03 August 2012 : 20:24:43
|
Plus you're effectively paying to have it removed from your bankruptcy estate.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 August 2012 : 20:41:43
|
You're not paying for it though - someone else is.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
|
|
|
year 2029
Average Member
590 Posts |
Posted - 03 August 2012 : 21:53:23
|
That's what debtinfo said.
Personally, it was me that was asked if I wanted to purchase various 'beneficial interest' in items I owned.
Obviously, I had no surplus money, so sought 3rd parties to help me.
Beneficial interest was vested back to me, not 3rd parties.
3rd parties could've paid the money into my account, and then I could've paid the cheque into my bankruptcy estate
Just to clarify what has been said.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 04 August 2012 : 08:03:16
|
| Do remember though that if you receive assets during your bankruptcy they could be claimed under the rules of after aquired assets |
|
|
|
year 2029
Average Member
590 Posts |
Posted - 04 August 2012 : 11:36:19
|
That's under the rules and duties you are subjected to as a bankrupt during your period of bankruptcy.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
Topic |
|
can i keep my vehicle after going bankrupt it has a low value ?
