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| marie.189 |
Posted - 16 January 2010 : 15:21:42
Husband phoned insolvency company they have said that it will cost him £2000.00 to go banktrupt. Question do you have to have be seen to have consulted an insolvency solicitor or is it okay for him to file his own banktruptcy. He has the forms for the banktruptcy from the court woud appreciate any sound advice |
| 9 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 16 January 2010 : 18:52:05
hi Marie,
Welcome to the forum. I comment as below:
Try the CAB as already suggested - they wil be able to guide you.
You do not need to use anyone to take you through BR - It is £510 each outside of London where it is £522 in the High Court at Aldwych
Soe Insolvency Practitioners are very expensive and do not do that much for you. The insolvency experts that post here are very good and will talk to you initially for nothing - Paul and Melanie are exceptionally good - other experts that post here too plus some "good" posters who are BR or in IVAs that have real experience to assist you.
I am BR and am able to make suggestions as an expert - I am not set up in any practice - my advice is therefore given in good faith and, of course, pro bono.
The BTL may be able to be saved. Depends on equity as much as anything. It can be done - although I see that ORs are taking a stronger line on BTLs now. Are there any arrears? Is there any equity? Is there a second charge? Is the tenant on an AST? Has the fixed term been reached as yet - i.e. are they now in a periodic tenancy? That does not mean they have any more security so do not panic.
If you need more advice on the BTL in particular, post back in answer to the points I make above.
Do you live in a rented or mortgaged home at present? Is that in joint ownership? Are there any arrears on that mortghage? Is there any second charge?
Sorry to ask so many questions, but both properties need to be looked at to save them. Happy to try to assist, Regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
| RHB |
Posted - 16 January 2010 : 18:26:56
Yes but it is up to the OR regarding price. You would get first refusal so to speak but be aware that the property market is rising & on the BTL there is no time scale in which he has to act. |
| marie.189 |
Posted - 16 January 2010 : 18:00:32
Thanks again the properties are in joint names however the debts incurred by my husband are not jointly accumulated will I be able to requesting BI in properties as their is little or no equity in both properties.
quote:
Originally posted by debtinfo
CAB advice is sufficient to satisfy the judge, they just want to know that you understand the consequences.
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| debtinfo |
Posted - 16 January 2010 : 17:31:05
CAB advice is sufficient to satisfy the judge, they just want to know that you understand the consequences. |
| Richard P |
Posted - 16 January 2010 : 17:04:53
hi marie
I will try to be as positive as possible but
The general response from the OR is thank you for the rental income...We will use that money to pay some of your creditors
they take the rental income and allow you to continue paying the mortgage !
Unfortuantly as the debts are Joint, the other party will be liable for the debts.
yes I can still understand being fraught and scared to bits with the what if, speak to one of the experts to the left, I think that they all give you the first phone call free
I found it so comforting to at least find out worse case scenario and have all of my what ifs answered then i could plan my BR properly, I found paul and Ken at Reviva really helpful
regards Richard
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| marie.189 |
Posted - 16 January 2010 : 16:55:30
Thanks Richard I believe it will be a straight forward BR however we do have a BTL in joint names and our own home The BTL mortgage is covered by rental income and as my husband is self employed the excess income has been used to fund our own mortgage as he has no work and no other income. He started with a DMP although has been unable to keep the payments going and feels that banktruptcy is the best option. Their is little or no equity in either property due to the down turn in the market. The properties are jointly owned ane we hae two dependent children. Do we have to prove that we have sought advice as he is going to CAB to speak to them does it have to be an insolvency practitoner? Will this cost us more hope you can advise. Fraught with not knowing what will happen.
quote:
Originally posted by Richard P
Hi Marie
if your case is straight forward it would make sense for your husband to petition own BR
However for anything with slight complications, I would suggest speaking to one of the experts to the left
If your husbands case is complex and perhaps involves lots of BTL props, businesses or unusual areas of investment the cost may be appropriate.
on this forum you will have people who will say not to pay and to pay, I needed a proffesional service that took all of the stress away from me, My entry into bankruptcy was controlled to minimise the effect to my family.
It may be worth a phone call to one of the experts to the left to establish what they can and will do to help you both.
The court may / will ask if you have obtained any advice prior to going BR
regards Richard
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| Skippy |
Posted - 16 January 2010 : 15:32:41
Hi and welcome to the forum.
It costs £510 per person (slightly more at the High Court) so I would love to know what the company would be doing for the money!
He doesn't need an insolvency solicitor and can petition for his own BR, but he does need to take advice as he will be asked if he has at the court. I would recommend he contacts an insolvency practitioner (www.iva.com) or speaks to one of the experts who post on here. Their details can be found in the experts section at the side of the page.
Good luck, and please post any questions you have and someone will be able to help you x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
30 IPA payments made, 6 to go - the end is in sight! |
| Richard P |
Posted - 16 January 2010 : 15:32:20
Hi Marie
if your case is straight forward it would make sense for your husband to petition own BR
However for anything with slight complications, I would suggest speaking to one of the experts to the left
If your husbands case is complex and perhaps involves lots of BTL props, businesses or unusual areas of investment the cost may be appropriate.
on this forum you will have people who will say not to pay and to pay, I needed a proffesional service that took all of the stress away from me, My entry into bankruptcy was controlled to minimise the effect to my family.
It may be worth a phone call to one of the experts to the left to establish what they can and will do to help you both.
The court may / will ask if you have obtained any advice prior to going BR
regards Richard |
| debtinfo |
Posted - 16 January 2010 : 15:31:16
He can do it himself, all he needs to do is fill in the forms, he can ask questions on here and he can get free advice from the CAB, CCCS and national debtline. The actual fee is only £510, and this is reduced to £360 if you are on some benefits.
Most people do not need to pay for help to fill them in and even if it is to complicated to do yourself, there are people on this site who will charge alot less
hope that helps and feel free to ask questions |
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