Hi I have been helping a friend with a bankruptcy involving his ex-wife, she went bankrupt in July 2013 and the trustee has a hold on the family home which is technically his after equitable accounting has been taken into account. We have just discovered there has been a meeting of creditors 2 weeks ago for "The purpose of the meeting is to enable creditors to consider and authorise the Trustee to discharge legal costs incurred from realisations achieved." Can you explain what this means ???
I think it means that the house should be ok but not sure.
Hopefully Viki will be on to advise further.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Viki Warbrooke Vincent Bond & Co If you would like free advice on all options available and help with your bankruptcy or debt relief order applications, please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Yes he is trying to buy her part of the property and has made many offers over the last 18 months they either reject or take ages to reply. This is what I found the other night when I was looking at the dates. There is only 14 weeks until the 3 years are up and wandered if this makes a difference Thanks
What was the trustee's valuation and how much is outstanding on the mortgage? What kind of offers has your friend had rejected.
I really suggest your friend contacts the trustee asap and chats this all through as I presume he is living there.
Viki Warbrooke Vincent Bond & Co If you would like free advice on all options available and help with your bankruptcy or debt relief order applications, please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Its quite complicated initially the bankruptcy was for £18k but the first he knew they were asking for £33k and now its grown to £48k. However at the time of her leaving she had approx. £10k in the property which was a year before she went bankrupt and all this happened behind his back. The problem we have is he is 65 planning on working until 68 when his mortgage will be paid off and settling with his ex wife the £10k.(she has never contributed to the mortgage or bills) We have a solicitor dealing with this but again it takes a long time to get any answers but we have applied equitable accounting which showed and amount of £500 to the trustee we have offered £9500 to buy this and remove them from the property which is where I discovered the meeting of creditors notice.
I presume your friend's solicitor has supplied the relevant documents to back up the offers, I'm sure they are doing everything they can and it sounds like you are being very helpful and supportive.
Sorry I can't comment further as its in the hands of the trustee now but I do suggest your friend tries to speak to the trustee directly asap and find out what their intentions are.
Viki Warbrooke Vincent Bond & Co If you would like free advice on all options available and help with your bankruptcy or debt relief order applications, please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Can you explain what this means ?
Posted - 08 April 2016 : 13:49:06
