| T O P I C R E V I E W |
| Kate.ll |
Posted - 07 January 2011 : 18:09:26
Husband & I both bankrupt now dicharged but only asset is prop and Trustee is now dealing with equity in prop of £35k and is taking us to court for poss. order. We have offered £24k and been turned down but our argument is if they sell it after costs they could get the same or less. What do you think the judges view may be on this as surely the cash raised for the creditors is paramnount. Our offer is concrete and the house could fetch less being sold empty in the current housing market. We are awaiting a reply from the Trustee as to why he is reluctant to let us buy out interest as (total debt was £54k. Also if we lose case we are liable for court costs which we may not be able to pay. Our solicitor suggests we throw in the towel beforehand and face the worst as the judge always favours creditors. Therefore there would be no case or costs. Aside from these 2 questions is there any other avenue we could explore. Thanks
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| 11 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 08 January 2011 : 18:21:48
If you can get hold of more & offer more then that sounds a good plan to me. If it is still a no then maybe your solicitor is right because the south west is still doing well unlike other parts of Britain!! |
| debtinfo |
Posted - 08 January 2011 : 17:03:02
as you say it is crystal ball stuff, but trustees are experienced and usually have an inclination as to what they can realise, you could make another offer (perhaps that is what the trustee really wants rather than the trouble of court action, but just wants to squeeze a bit more out first)
Of course you want to get the best deal for yourself
As regards the judge, it is more of a formality that they will eventually offer repossession as the trustee has an entitlement to it. Particularly if you dont offer the valued amount |
| Kate.ll |
Posted - 08 January 2011 : 15:51:16
quote:
Originally posted by Kate.ll
quote:
Originally posted by Richard P
Hi Kate
go and speak to your local housing officer, yo also need to have plan B in place
is your solicitor a bankruptcy specialist ?
Hi Richard, yes my sol is a bankruptcy specialist but he seems resolved to the fact that we are wasting our time and of course money by pursuing the case. But my argument how will I ever get back on the housing ladder, after 20 years it seems so hard to throw away this chance to remain with a mortgage albeit little equity but this may grow if prices rise and when credit has improved can downsize and clear remaining business loan. Annoying thing is mort is portable but Woolwich say we cannot move with it as will be credit scored again plus i guess the LTV on the lending will be over what they would normally lend if we dont reduce the debt but have prop worth less.
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| Kate.ll |
Posted - 08 January 2011 : 15:46:19
quote:
Originally posted by Richard P
Hi Kate
go and speak to your local housing officer, yo also need to have plan B in place
is your solicitor a bankruptcy specialist ?
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| Kate.ll |
Posted - 08 January 2011 : 15:38:49
I understand your points,it is now exactly 2 years since BR.
I see where you are coming from with the 30% less,but I suppose until I go to court I won't know the judges view, our bankruptcy was business failure in the recession, we had no option. It is crystal ball stuff I guess as our offer is guaranteed but the sale of the prop which will be empty and poss presumed repossessed may achieve less for the creditors after costs this is the harrowing thing. It seems like the trustee does not want us to have it, we have co-operated all along. I am not sure we are in a rising housing market in the South West, agents tell me it has remained level. Bearing in mind only a year left,I would think the creditors would be getting impatient. Having read similar situations on the forum some suggestions have been to have a quick sale valuation,do you think this would have a bearing if submitted? Plus if I could scrape another £5k together(not sure I can but to lose if for such an amount would be awful)I guess this would help.
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| debtinfo |
Posted - 08 January 2011 : 14:23:36
also remember that the trustee has 3 years to tal to deal with the house and we are likely to be in a rising housing market from here on in |
| debtinfo |
Posted - 08 January 2011 : 14:22:21
I think the key question to ask yourself is that if you were selling something worth £35k and someone offered you 30% less than that and you had a choice, what would you do |
| Kate.ll |
Posted - 08 January 2011 : 14:12:10
Hi RHB
Yes my sol means cut your losses as he says in his experience the judge favours the creditors and that despite the fact that my offer is probably near to what the property will fetch on the open market less costs is irrelevant. His opinion is that I take some of the money family have raised to buy BI and put a deposit on a rented property and start again debt free. The fact that the rent in this area for a modest house will equate to the mort, bus loan and agreed repayments with family (some cash has been gifted) seems ludicrous as we are then gradully buying back the equity. Only problem ahead would be an interest rate rise.
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| Kate.ll |
Posted - 08 January 2011 : 14:08:04
quote:
Originally posted by RHB
I'm not sure what you mean when you say your sol says throw in the towel? Walk away from the house?
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| Richard P |
Posted - 08 January 2011 : 14:01:20
Hi Kate
go and speak to your local housing officer, yo also need to have plan B in place
is your solicitor a bankruptcy specialist ? |
| RHB |
Posted - 08 January 2011 : 10:23:42
I'm not sure what you mean when you say your sol says throw in the towel? Walk away from the house? |
