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Saleha.87
Starting Member
1 Posts |
 Posted - 07 November 2010 : 10:17:17
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| I have recently taken out alot of debt. credit cards and loans. in jan 2010 my debts were minimal, however since then they have spiralled to roughly over 40,000. I have a house in my name, the legal documents are in my name however it is not in actual fact mine. it is my fathers property, he pays mortgage, he has paid for refurbishment, i have no actual connection with it. can i declare bankruptacy? what will happen to property? |
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debtinfo
forum expert
2826 Posts |
Posted - 07 November 2010 : 10:30:23
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you can declare bankruptcy but of course there will be questions.
Roughly why has your credit increased so much in a short period of time |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 07 November 2010 : 12:16:07
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Hi,
Firstly the house, when you say the legal documents are in your name, do you mean that you are shown as the proprietor on the Land Registry index, and is it solely in your name? As all the OR will be interested in, is whose name is registered on Land Registry, as by the sound of it it's yours, so the OR will view it as an asset to be dealt with, but then it depends upon whether it's in positive or negative equity, and by how much, so it's not possible to give a specific answer without more info.
Secondly, as debt info mentioned, the sudden increase in your debt burden is something that the OR would be obliged to investigate further.
Big Al |
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RHB
Senior Member
1159 Posts |
Posted - 07 November 2010 : 15:07:14
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| What as the money gone on? It;s an awful lot of money in a short space of time & if it's been spent on something like say gambling, your bankruptcy would have restrictions for longer. If it has been spent in material things, could you not perhaps sell them & lessen the debt? |
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I have recently taken out a lot of debt
