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T O P I C R E V I E W
jol
Posted - 16 November 2008 : 01:05:54 My wife and I are owing a loan company in the UK, they are on the verge of auctioning our property, we live in Australia, this is damaging our lives and health. We intend to delare bankruptcy as this is our lst resort. What is the best way to go about this? Thank You
1 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 16 November 2008 : 03:17:07 Hi there
Depending upon the situation with the auction there may be sufficient equity to clear debts - so more info needed here to help advise you accordingly.
However should you decide after research that bankruptcy is the right course of action then you have 3 options.
1. wait and see if your creditors would ever make you br. this seems to be more and more unlikely as property prices - and therefore releasable equity - has dropped substantially recently.
2. Fly back to the UK and petition yourselves in the High Court in London. Court fees are £507 each. You will need to fill in the Statement of Affairs and Bankruptcy Petition. Then you will need to cooperate with the OR and provide appropriate information re debts and situation.
3. you could decide to appoint an "agent" to act for you in the UK. So you may have a friend that will go through the whole process or you may elect to hire a company to act for the whole process. Whoever acts will need to have a Lasting Power of Attorney authorised which will give that person the right to act on your behalf legally and make decisions in your behalf.
I suggest that the first step is to review the whole debt position and the property. Is it currently rentes out, furnished etc etc etc .
What other assets do you have that may be at risk?
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
