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T O P I C R E V I E W
Ian.01
Posted - 30 January 2014 : 22:05:54 a client has buy to let debts and is thinking of going bankrupt, but other assets include very little debt on their home house, and they also had a payout from a cancer scare , will this be taken into account.
4 L A T E S T R E P L I E S (Newest First)
Blackie
Posted - 31 January 2014 : 10:03:25 Sorry. Pressed the submit button too early.
To continue. Any rental income from the buy to let is likely to be seized - or part of it - by the OR in a bankruptcy.
For help and advice on the easiest and most effective way to a debt free future, please telephone me on FREEPHONE 0800 298 0253
Blackie
Posted - 31 January 2014 : 10:00:27 One other thing Ian.01, there is a likelihood that some of the income from the buy to let will be
For help and advice on the easiest and most effective way to a debt free future, please telephone me on FREEPHONE 0800 298 0253
Viki.W
Posted - 31 January 2014 : 01:46:14 Hi Ian,
As Niobe has said, all assets are at risk if they declare bankruptcy.
How much unsecured debt do they have? How much equity? What's happening with the properties?
Please post a few more details or ask your client to speak to an expert to chat through options.
Posted - 30 January 2014 : 22:14:46 Hi and welcome to the forum.
Everything will be taken into account if a BR goes ahead but I would suggest that they take advice from an expert before making a final decision.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
