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| dave |
Posted - 30 January 2009 : 19:51:24
Hi, I am considering going bankrupt with debts of around £100K, mostly to banks and credit cards. My only 'asset' is a house in Italy held in joint names by my ex-wife and me. She was supposed to sell up four years ago as per our divorce settlement but always finds excuses not to do so. When we divorced I took on 50k of debt as house was due to be sold at once. This debt is now 100K hence imminent bankruptcy. Pre credit crunch house was worth around 375k and has no mortgage. I have the deeds here in U.K. (but cant sell without ex-wifes consent and signature). She is still living in house and ignores U.K.Courts. Will the O.R. go after the house? (I guess so, but will this process effect or delay my eventual discharge? Thanks Dave |
| 6 L A T E S T R E P L I E S (Newest First) |
| dave |
Posted - 31 January 2009 : 16:39:02
Thanks Paul/simon et al. Will think on this advice and Paul, will be in touch in near future. Regards, Dave |
| Reviva UK |
Posted - 31 January 2009 : 14:44:23
It is also potentially unhelpful to everyone to rack up another 15k of debt on the offchance of success.
Perhaps there is another option.
Prepare the Statement of Affairs and book a court date 3 months ahead.
Write to youe ex's solicitor & her registered / fed ex / hand delivered post etc etc etc confirming that:-
1. I have debts of X
2. My beneficial interest in the property in Y
3. i intend to petition for Br on X date ( SOA & date available for scruitiny). You may find that the use of a thord party firm may give more gravitas to the proposition.
4. THE OFFER
Unless you get X from the house via a sale or a refinance by X date then you will go ahead and present the petition at which time your interest - 50% - will rest with the OR and they will pursue the interest through the courts because of the values involved.
Put the ball in her court and see what happens.
If you do get a lump sum it may be possible to either negotiate with the creditors via a full and final settlement or a one payment IVA.
with the right set of circumstances you may be able to achieve a settlement for 35 - 40k
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| go_4_broke |
Posted - 31 January 2009 : 14:20:57
Overall I have to say that sounds like a good idea !
Best Regards, Simon |
| dave |
Posted - 31 January 2009 : 14:11:19
Thanks, I think now BR is the only option. I have been quoted 15k and two to three years to get acourt hearing over there, and I have no trust in the system anyway! I think the peace of mind from aforced sale and no debtsis worth loosing the equity. |
| go_4_broke |
Posted - 31 January 2009 : 12:31:02
Hi Dave
Under English law you can force a sale of a jointly owned property, but if you require your ex's signature it suggests this perhaps doesn't apply under Italian law. However in this country you would also require the other party's consent unless you got a Court Order, so it doesn't necessarily follow.
If you were able to appoint an Italian Lawyer you might be able to get to the bottom of it, because it looks like you might clear your debts from equity without going B/R even if the value of the house has fallen a fair bit.
If you are resolved to going bankrupt then as Paul suggests above you do have the benefit of being able to dump the whole lot on the OR and have them sort it out, if they can.
Best Regards, Simon
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| Reviva UK |
Posted - 30 January 2009 : 19:55:27
Hi
The OR will definately go after the asset value and although it will no doubt take time this will not effect your discharge.
Because of the values the OR will appoint an italian legal firm to pursue it.
They will want to establish the equity that was yours when the divorce went through but this is not your problem.
Provided that you work with the OR and help them with the background info etc then you will be fine.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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