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comdol
Starting Member
4 Posts |
 Posted - 17 January 2010 : 11:01:06
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hi, im looking for some help and advice on declaring bankruptcy.
my situation is the following:
personal debts of approx £25000
was director of company that ceased trading and was gaurantor on a lease and vehicle.
the potential cost of this could be a further £30000.
am joint owner of house with wife but w have no equity in it now, possibly even in a negative situation.
for personal debts im in a debt management plan and just about coping but the debts im personal gaurantor on from the business will be the final straw and ill be unable to cope.
my main concern is i dont want to lose my house as i have 2 small children.
am i right in thinking as i have no equity and its a joint mortgage this could be possible?
the other thing i am is unsure of is my wife and i started our own small business after the previous company ceasing trading.
although we earn enough to live on from the small business we are not making fortunes.
would any of this be under threat from declaring myself bankrupt?
any help would be really appreciated.
regards |
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stevenosman
Starting Member
United Kingdom
1 Posts |
Posted - 17 January 2010 : 12:02:48
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Hello. i was made bankrupt back last june, i got in contact with a lady called viki warbrooke, thet company has a website http://www.vincentbond.com/
she is amazing and very understanding, if you email her she will give you everything you need to know,
she is amazing, she helped me so much and i cant thank her enough |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 17 January 2010 : 12:07:27
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Hello Steve and nice to see you on here.
comdol - if you have no equity in your house then it should be safe.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
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debtinfo
forum expert
2826 Posts |
Posted - 17 January 2010 : 12:53:29
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Hi comdol
Generally if you can afford the repayemnts on any mortgage and secured loans and the property is in negative equity then most people get to keep their homes.
Is thei business a limited company, sole trader or partnership |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 17 January 2010 : 14:16:02
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Hey Steven,
Nice to see you posting on here, you'll be a great asset to the site.
Hope you're both ok.  |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 17 January 2010 : 15:32:16
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Hi,
Welcome to the forum.
If you have some questions surrounding the are of retaining your house, please come back and I will try to assist you.
Basically need the following:
Is the property owned in your sole name or is it owned jointly as joint tenants?
Is there any equity?
Is there a second charge?
Are there any arrears on either of the above?
If there are any arrears are you in contact with the lender(s)?
Are you intending to go BR by yourself or is your partner also going BR?
Cheers, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
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comdol
Starting Member
4 Posts |
Posted - 17 January 2010 : 15:52:57
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Hi, the house is in joint names.
We have some small arrears but are in an agreement with the lender and when 2 more payments are made the arrears will be wiped and put back into the balance.
There is one charge on the property which is from one of my personal debts, I do have a repayment arrangement with them also however and this is upto date.
It is just myself considering the bankruptcy as my wife has no real debts.
One of my main concerns is the possible affect on our current business which is a partnership between us both.
Regards |
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debtinfo
forum expert
2826 Posts |
Posted - 17 January 2010 : 16:30:00
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| The partership would be disolved upon the making of the bankruptcy. All this really means is that the wife would have to buy out your share of the partnership from the OR (bear in mind that alot of partnerships dont have any real value once all debt and assets are taken into account) |
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comdol
Starting Member
4 Posts |
Posted - 17 January 2010 : 16:35:08
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Thanks, how would I stand with working though as this is my job.
Would I just become an employee of my wife? |
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debtinfo
forum expert
2826 Posts |
Posted - 17 January 2010 : 16:54:41
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| yes you can work for your wife of you can trade yourself after the bankruptcy. The OR just has to draw a line in the sand and get any value if it exists at the date of the bankruptcy |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 17 January 2010 : 18:43:24
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Hi again,
Thank you for the detail.
Before you do anything, I suggest that you obtain 3 valuations from local independent estate agents and then see the average and compare it to the secured debts.
You can then see if there is any equity and look to buy the BI from the OR (post BR).
However, do not rush things at this stage - take some advice from an insolvency expert from this site and see what they say about your position.
Then come back regarding your action plan and if there are more questions about the property and securing its ownership, come back and one of us will take you through options.
Best regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
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comdol
Starting Member
4 Posts |
Posted - 17 January 2010 : 18:49:10
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| Hi, can you recommend and insolvency expert on here? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 17 January 2010 : 19:16:11
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If you click on the experts link on the left hand side of the page, you can find some on there.
Or you could visit www.iva.com - some of the companies on there can advise on bankruptcy as well.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 18 January 2010 : 07:27:15
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quote:
Originally posted by comdol
Hi, can you recommend and insolvency expert on here?
Both of the following companies post here and are very highly respected:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
You should get more than one opinion when deciding your options so I would contact both of them and see what they advise. |
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Steve Thatcher
New Member
United Kingdom
70 Posts |
Posted - 18 January 2010 : 10:21:05
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Hi and welcome.
Regarding the house, once you have got yourself up to date balances on the sums secured and obtained the three valuations as advised, you will be conclusively able to work out the equity position.
You seem confident that you can afford to discharge the secured elements of your debt.
If you declare yourself bankrupt your interest in the matrimonial home will vest in the Official receiver, so essentially the property will be owned by your wife and the OR.
The OR is only interested in assets which have a value to him, and so if your property has no equity you can ask him to transfer your share back to your wife. He will do this for £1 plus his costs. These have been £211 but I have heard of people being asked to pay slightly more.
He has up to three years to deal with your property, even if you are only bankrupt for maximum of one year. It is always good adice if you intend to remain in the property to get it dealt with asap.
The property issues are often the biggest worry for someone seeking to go bankrupt and so you may wish to seek professional advice, and as people have intimated, you have excellent experts on here many of whom have been giving their time for years.
Steve Thatcher
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Help and advice needed reference going bankrupt!
