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T O P I C R E V I E W
tonyc73
Posted - 05 September 2008 : 16:56:17 i had a public house 2 years ago and i was made bankrupt in oct 2007 for 1 year the trustees are after about £40000 my house is worth about £165000 and i have a mortgage of £78000 when my 12 months are up will the trustees whant to sell my home
2 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 05 September 2008 : 22:21:12 Hi
the Trustees need to decide that they have an interest in the property within the first year. They then have up to a further 2 years to realise this equity.
I would really encourage you to speak to a specialist mortgage broker to see if a remortgae ( after discharge ) is possible so that you can release the equity for the OR. There is a great mortgage broker on the IVA site - Bright Oak that is worth a phone call.
When you sat 40k was that the debt or is that the likely amount required as these are usually very different amounts.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Needafriend
Posted - 05 September 2008 : 17:57:57 Hi Tony
Im sorry that i cant help you, but i justed wanted to say hang on in there and someone who can will be along shortly. Take care.
