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| jmwlrs |
Posted - 02 November 2010 : 12:12:18
my girlfriend is going to court next tuesday for bankruptcy.She hasnt paid her iva for 12 months.will she need a certificate of failure?she also has a property with her previous partner which is in arrears and negative equity.He still lives in that property.he and his family want her to put off bankruptcy so his sister can take on the mortgage totally in her name and he can live there and pay rent is this viable and how would the court look at that scenario if my girlfriend waited for this to happen and then went bankrupt many thanks |
| 2 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 02 November 2010 : 15:15:27
Hi,
this is my reply from another post:
Hi jmwlrs,
welcome to the forum, I'm sure you'll find an answer on here from one of the experts.
Firstly in answer to your question, your partner has been in an IVA, which when she proposed it is an indication of insolvency, however if she has not been able to pay it, then it would appear that bankruptcy may well be the only option available, but she should speak to the supervisor of the IVA about this.
As for the property, for the sister of your partner's ex to adopt the mortgage, she would need the agreement of both joint owners. If your partner did this, the OR could possibly view it as a transaction at an undervalue(TUV), leading to further investigation by the OR.
The sensible option would be, that once bankrupt, your partner's BI(beneficial interest) can be purchased by the sister or another 3rd party for £1 plus the OR's costs of £211. However, with the mortgage in arrears, the secured lender can insist that these be cleared before they agree to the process.
Once the BI has been dealt with, then creditors cannot make claims on the property, the only downside is that if the property was subsequently repossessed and sold at auction with a shortfall, then your partner and her ex would be liable for it, but if the sister wanted to adopt the mortgage afterwards then it shouldn't be a problem.
Big Al
Big Al |
| charlie44 |
Posted - 02 November 2010 : 13:11:40
Yes she will need a certificate of failure otherwise the judge may not grant her the BR.
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