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| T O P I C R E V I E W |
| hartie |
Posted - 15 November 2008 : 20:43:28
what happens with property if husband and wife are joint owners and both are declared bankrupt |
| 5 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 16 November 2008 : 07:47:40
Thanks Paul
You have put our minds at rest. It is a complicated process and i know that is why people come here so they know, but you see so many worrying things on here that others see when they are first thinking of BR and it must put people off.
But its a case of know your rights, like you said do your homework and if you fight for what you want then really then BR for those of us should not be a really scary time.
Mark:
Yes it was crimewatch ;-), i would def fight for your home as i will. Sometimes other peoples experiences can maybe worry others and i would make sure that you do what is right for you and yours. You dont have to lose your home, if you can get the BI sorted whether its in neg or there is some then i know that as in my case im gonna try my hardest to keep mine.
Have a great weekend all.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| Reviva UK |
Posted - 16 November 2008 : 03:27:54
Hi Mark
It is quite common for some judges to make comments that aren't exactly correct.
The Judge is there to either grant or deny the order for Br. They have no impact on any decision regarding your house, availability of gaining a bank account, how long the Br will be etc. This is all to do with the Official Receivers Office.
If the house is in negative equity and you want to - and can afford to continue with the repayments - then do the homework, provide evidence of the value and make an offer early for the BI.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| Needafriend |
Posted - 15 November 2008 : 22:33:43
Hi Mark
I am under the same impression and thoughts as you.
If it had been for my home i would have gone BR earlier. I am gonna try and keep our home but if it goes it goes, no good worrying about it. We are warm and dry now we will cross that bridge when we come to it and work on that when we need to.
Dont have nightmares it is not worth it. I do i hope i have not worried you, i never meant too.
Take care
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| Needafriend |
Posted - 15 November 2008 : 22:02:47
Hi yes Mark, you are right but in this current market they are more than likely to wait a bit longer if there is no much equity.
Yes they can ask after the year but they will give u another chance to buy BI before they force a sale.
Its a gamble but the max would be 3 years esp if children under 18 i think it is are living there.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| Needafriend |
Posted - 15 November 2008 : 21:02:57
Hi hartie and welcome
Firstly if there is any equity then the OR will want to release this, seeing as both of you have gone BR then a 3rd party like your mum or a brother for example can offer to buy that for you.
If there is no equity then it would be the same but the amount would be £1 each plus the fee which is around £211.
If you want to stay then you would need to sort out what you wanted to do with the BI in your home, if you dont then the house can after its repossesed either voluntarily or by the mortgage company included in the SOA, thats once BR. To do this you must include it in both the secured and unsecured sections on the SoA.
If you stay then you must keep up the payments on your home, if no one buys the BI then you will have about 3 years from the date of BR before the house would be sold.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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