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| npp73 |
Posted - 02 April 2009 : 16:50:27
Hi. To get straight to the point I am being taken to court on 9th April for a bankruptcy petition by one of my creditors (1st Credit Ltd) for an unsecured loan (outstanding balance £8,721.77). I have a few questions and concerns which I would appreciate help with.*if I didn't attend the hearing would I automatically be made bankrupt? *would the O/R force the sale of my house as the mortgage is joint with my wife? *if the order was made, would we (me, wife, 3 kids) be eligable to stay in the property for 12 months as I read about this? I have incidently tried to make contact with the solicitor for the petitioning creditor by phone(answering machine), e-mail and letter wich I sent on thursday 25th March but with no reply, basicaly I was explaining to the solicitor that I was not in a position to offer the creditor a payment as I did not have the budget because I had been unemployed since August 08 but I had just been awarded government help with housing costs so I offered £70 per month as a temporary measure until me and my wife find employment and could significantly increase the payments. I don't know wether they would have gone for this but if they rejected my offer then I was concidering offering a voluntary charge on my property in an effort to prevent bankruptcy as I believe that there is sufficient equity on the property. Many thanks in advance. |
| 5 L A T E S T R E P L I E S (Newest First) |
| npp73 |
Posted - 05 April 2009 : 23:14:12
MANY THANKS FOR ALL YOUR HELP PEEPS, VERY MUCH APPRECIATED X |
| npp73 |
Posted - 05 April 2009 : 23:12:15
quote:
Originally posted by John
Hi
1) you will be declared bankrupt if you can offer the court no defence.
2) a forced sale will only occur if your wife is unable to buy back from the trustee what is currently your beneficial interest (basically your share of the equity). If there is no equity your wife will be able to buy back your interest for £1 + fees of £211.
3) If your wife cannot afford to purchase what was your beneficial interest from the trustee then a forced sale will take place but as you rightly say, usually around 12months after bankruptcy, to allow you time to arrange alternative accommodation.
4) If there is little or no equity the creditor could well be better of placing a charge on your property. On the other hand if there is no equity bankruptcy will stop the charge being granted.
John White
England Jackman & Spacey
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| John |
Posted - 03 April 2009 : 20:58:58
Hi
1) you will be declared bankrupt if you can offer the court no defence.
2) a forced sale will only occur if your wife is unable to buy back from the trustee what is currently your beneficial interest (basically your share of the equity). If there is no equity your wife will be able to buy back your interest for £1 + fees of £211.
3) If your wife cannot afford to purchase what was your beneficial interest from the trustee then a forced sale will take place but as you rightly say, usually around 12months after bankruptcy, to allow you time to arrange alternative accommodation.
4) If there is little or no equity the creditor could well be better of placing a charge on your property. On the other hand if there is no equity bankruptcy will stop the charge being granted.
John White
England Jackman & Spacey |
| RHB |
Posted - 03 April 2009 : 18:09:15
Might be best to attend court as if you can come to some agreement I think they would only place a charge or bankrupt you as a last resort. |
| chester2005 |
Posted - 02 April 2009 : 19:12:10
Firstly welcome to the forum and i'm sure an expert will be along to allay your concerns shortly .
You could also try contacting one of the experts directly, contact details left side of the screen, or send them an e-mail.
as far as i know the OR will likely want to realise the equity in your interest in the property.
and yes i believe the OR would wait 12 months whilst the house is occupied by your family.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.
Life's too short!!! |
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