All Forums  archive  Forum Questions  I was advised to declare bankruptcy last August

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by malcolmdl[/i] [br]I was advised to declare bankruptcy last August but decided to fight on in the hope I could get through it. However, it is now obvious to me that this is the route I need to take. I Have approx £80,000 in credit card debts and loans (unsecured), mostly used to support my business which went under last year. I have arrangements with a number of lenders, but the debt is too big, I have been ill for most of the last six months, and need to get my life back together. My wife only has a part time teaching job and I was supposed to be training to be a driving instructor but have been too ill to do it. My questions are: 1) I understand that all my assets will be taken over by the OR. My wife and I have a joint mortgage on our house, but there is little or no equity in it now that house prices have fallen and I assume that the OR would have no interest in selling it? Can you explain please how the system of someone else (eg my wife) buying back the nominal interest in the property for £1(?) works? Is it a case of, as long as she (we) can afford the mortgage repayments, we would keep our house? What would happen to any capital growth in future years? 2) I also personally own 4 'buy to let' properties, all with mortgages, and all with little or no equity at the present time. I manage them myself and currently they provide me with some income after expenses. What would the situation be with these please? 3) I am currently chair of governors at my children's school and would like to continue in this role. Would this possible under bankruptcy? 4) I am a trustee (and Treasurer!) of a small charity. Would I be able to continue in this role? 5) I am behind with my tax returns and have not filed return for 2007/08, mainly because I sold a property in that year and would have a capital gains liability that I cannot pay. Would HM Customs & Revenue simply become another creditor, or would the situation be considered differently? Thank you. [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.