Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
psb
Posted - 09 October 2008 : 06:32:43 Hi looks like the revenue are going to make me bankrupt, will i lose my house it is in both mine and my wifes name and it is only me that is going to be made bankrupt
2 L A T E S T R E P L I E S (Newest First)
John
Posted - 09 October 2008 : 08:23:47 Hi HMRC are possibly number one on the no nonsense league table when it comes to monies owed and petitioning for BR. They do not beat about the bush. If you can raise the money from your home, great. If you cannot but there is equity then the trustee in BR may force the sale. The main problem is that whilst you may owe HMRC, once BR all of your borrowings must be paid where possible which will increase the chances of your having to sell.
If your home is in negative equity you will not be forced to sell and your wife will be able to buy your interest in the property for a nominal fee.
Posted - 09 October 2008 : 06:39:50 Hi psb and welcome to the forum
How much equity is there in your home?
You say IR going to make you BR, how much do you owe them if you dont mind me asking, is there enough in your home to pay the debt?
If you have equity and say its £20k but as the house is in joint names i would say that the OR would ask for someone maybe your wife to buy the £10k and then you should be able to keep it.
In this current market houses are going down very quickly in value and even though it may have more equity now it will drop and so if you did buy the BI now would mean you could save the house i beleive, but thats up to you.
What have the IR indicated about making you bankrupt. Have they def said thats what they intend to do. Is there any way you can pay them.
I would also suggest calling our helpline for a more personal chat with our experts its free and the number os 0800 078 9367.
I dont know i have helped but good luck.
Jo x Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
