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| T O P I C R E V I E W |
| Nelson |
Posted - 10 May 2011 : 13:39:09
Hi everybody ,
Can anybody tell me in simply terms what happens to your home if you go bankrupt ?
I know the old , £1 fees is now no longer , I est my home to have around + £2500 after the loan is paid and selling costs are taken out. ( would I be allowed to cost out to workout my BI ? )
The House is owned by myself and my wife , this would give me BI of £1250.
Could my wife or other family member buy the BI back for this amount cost ? or what time scale would apply ?
The house was valued in Feb at £125000, as hope to sell , but not moving, So we need another way forward ASAP.
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| 2 L A T E S T R E P L I E S (Newest First) |
| Nelson |
Posted - 10 May 2011 : 16:09:04
Hi Bigal4787
Thanks for you reply. |
| Bigal4787 |
Posted - 10 May 2011 : 15:53:43
Hi Nelson and welcome to the forum,
basically when you are declared bankrupt and you jointly own a property, then the OR eventually becomes trustee of your bankruptcy estate, but in relation to the house, the OR is only trustee of your BI, as the legal title cannot be seperated.
On the BI, you have indicated, it would be worth seeing if the OR would accept a reasonable offer for it, as if not, the options they have is:
1. Transfer the case to an RTLU(Regional Trustee Liquidator Unit), for them to review the value at the 2 year 3 month point, as there is up to 3 years for the property to be dealt with , then decide what they are going to do with it.
2. Obtain a charge on the property, though this is only done as a last resort.
RTLU's are effectively a Goverment sanctioned DCA, as their sole job is to try and raise as much income as possible for the insolvency service through property, assets or IPA's, so if someone is considering an offer for the BI, try and do it before it gets to an RTLU.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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