| T O P I C R E V I E W |
| Alan.aw |
Posted - 06 September 2011 : 14:44:51
Hi - I am 45 years old. I have personal debts of over £50,000. I am married with 2 young children. The family home is registered in my wife's name. We each pay half of the mortgage. Due to property price falls we could just about be in negative equity. I work in the media industry on a freelance basis with no guarantee of continuous employment. My wife has a well paid job but couldn't cover the mortgage payments on her own. If I opt to go for bankruptcy, is it likely that the family home will be regarded as a 'seizable' asset and have to be disposed of? ------ thanks |
| 7 L A T E S T R E P L I E S (Newest First) |
| Alan.aw |
Posted - 06 September 2011 : 20:12:44
Hi -- thanks to all who replied --- very impressed with prompt responses - still very much a newby on this website -- just one more question -- if I take the BR route will I still be able to receive and retain income from freelance assignments? thanks
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| Skippy |
Posted - 06 September 2011 : 19:56:42
Thanks for that Debtinfo.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| debtinfo |
Posted - 06 September 2011 : 19:24:38
yes he could but he has to go to court to prove that interest and if the interest is half of nothing then they would not bother. If there was lots of equity that is when the trustee would look to secure that possible interest |
| Skippy |
Posted - 06 September 2011 : 18:33:37
What about the fact the OP pays half the mortgage? Could the OR decide he has an interest in the property?
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| debtinfo |
Posted - 06 September 2011 : 18:30:31
although in this case it is not his property as he is not on the deeds, and so if there is no value to any possible interest when he goes bankrupt the trustee has nothing to try an enforce |
| Skippy |
Posted - 06 September 2011 : 18:22:27
Hi and welcome to the forum. The OR won't deal with your property until 2 years and 3 months from the date of your BR so it will depend on whether their is equity in your property at that point.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| Richard P |
Posted - 06 September 2011 : 15:54:29
HI Alan
if the property is in negative equity it is likely that you will be able to keep the property.
as long as the property is affordable
Good Luck Richard,
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