| T O P I C R E V I E W |
| andrew.h |
Posted - 05 April 2008 : 12:08:25
My only asset is my house, if i go bankrupt will I have to move out straight away or will i be allowed to stay in the house until it is sold?
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| 15 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 06 April 2008 : 20:44:14
Good Luck Andrew,
Let us know what you decide.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| andrew.h |
Posted - 06 April 2008 : 20:33:27
Thank you all for your help.
Looks like i have some more thinking to do before i make my final decision. |
| melanie_giles |
Posted - 06 April 2008 : 20:25:42
In which case it sounds as if you property is free from encumbrance and that you are therefore able to sell it on the open market - but you will need to pay for a HIPS.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| andrew.h |
Posted - 06 April 2008 : 20:04:21
She did claim that, and the interest was registered at the Land registry, but i applied to have her name removed and was successful. |
| Helpful Advice |
Posted - 06 April 2008 : 20:02:12
Hi Andrew,
It is possible she could block the sale, is she claiming a matrimonial interest in the property?
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| andrew.h |
Posted - 06 April 2008 : 19:02:30
Upon our separation she obtained an interest in the property which I managed to get removed by my solicitor, but i know from our mediation sessions that she would like a slice of the equity from the house despite me paying all the debts from our marriage.
When it comes to selling the house privately i currently have no way of paying for a HIPS or funding a solicitor for the conveyencing work.
If i went bankrupt and the OR took posession of the house, how would they sell it? Conventional way or via auction? |
| melanie_giles |
Posted - 06 April 2008 : 13:18:52
Yes your wife could stop the sale of your property if she is claiming to have a financial interest in it.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| andrew.h |
Posted - 06 April 2008 : 08:38:20
Thank you both for your advice.My situation is that for the last two years i have been paying a nominal amount to my creditors, and i have spoken to a financial advisor who advised bankruptcy. Currently I am talking to a company about an IVA, i have passed on my details and am awaiting to see if they can help me. The problem i have with selling my house privately is that i am currently separated from my wife with divorce proceedings ongoing, can my ex-wife block the sale of my house? (house in my name only, and property was not the matrimonial home) |
| melanie_giles |
Posted - 06 April 2008 : 02:22:14
If the sale price is confirmed by a reputable estate agent, and you agree to co-operate with the marketing an IVA may be possible depending upon your circumstances, and to this end you ought to take advice from an insolvency practitioner as to your options.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| Helpful Advice |
Posted - 05 April 2008 : 22:57:58
Hi Andrew,
Yes by offering a nominal payment to creditors it may buy enough time to sell the property.
If the proceeds from the sale suffice then a lump sum IVA could be the right course of action and with no other assets it would give a better return to the creditors than Bankruptcy.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| andrew.h |
Posted - 05 April 2008 : 20:21:56
In total i am paying around £640. I'm currently looking at an IVA but i suspect that i will not have enough spare cash per month to fund it. Unless your suggesting that the equity from the house sale would be all I was offering (eg. no payments over the 5 yrs)? |
| Helpful Advice |
Posted - 05 April 2008 : 19:51:20
Hi Andrew,
How much are you paying to your secured creditors i.e. the mortgage, Loan and CCJ?
Would selling the property yourself be an option?
You could write to the creditors and explain your intentions offering them £1 per month as a good will gesture.
With the sale proceeds you could well propose a settlement of around 30p in the £1 via an IVA depending of course on the sale price.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| andrew.h |
Posted - 05 April 2008 : 19:33:49
There is a further £52k of unsecured debt. I am currently paying approx £86 per month to creditors and trying to live on £80 per month (food, car tax & servicing, birthday cards / presents, social gatherings etc) after all my bills. |
| Helpful Advice |
Posted - 05 April 2008 : 18:50:54
Hi Andrew,
What level of debt have you got?
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| andrew.h |
Posted - 05 April 2008 : 18:47:16
Valuation of my house via the internet searches is approx £107,500, the outstanding mortgage is £75k, with the secured loan and ccj totalling £13k.
The house is not in great shape and would probably have to be sold at below market value. |
