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yepitsme
Starting Member
2 Posts |
 Posted - 09 November 2010 : 08:32:07
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I have a very complicated situation and I do not know if bankruptcy is the best option.
I live in a rented property but still have equity in a house with my ex, it will not sell as she is asking too much for it, but I would estimate I have between 15 to 20 K equity in it. I have credit card debts approaching 20K and I can no longer afford to keep the payments up. I earn around 2100 a month net and that has to support my wife and I as she cannot work. I have my daughter living with me part time and I also pay £300 a month maintenance.
I also have things further complicated as I have a limited company I am a director of although techincally it isn't making money at the moment. If I was to go bankrupt.
1. What would happen with the house my ex lives in.
2. What would happen with my limited company.
3. My wife is a US citizen, would it affect her residency here.
4. Could it affect my job.
5. I have a part share in a static caravan, would I be forced to sell this or could i transfer my part to the other owners.
6. Is there anything else I could lose that I had not considered.
Thank you for any advice you have. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 10 November 2010 : 08:53:26
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I would highly recommend speaking to one, or both, of the following companies as your situation is not straight-forward:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
Both companies are highly respected and also post regularly on this board. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 10 November 2010 : 11:24:44
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Hi Yepitsme,
a fairly complicated situation as you say, not disimmilar to mine some years ago when I got divorced, but that's another story, in answer to your questions:
1.I presume the house your ex is in is shown on Land Registry as being jointly owned by you and your ex. If so, and there is equity in it then it will be an asset that has to be dealt with, which could be by someone purchasing your BI(beneficial interest). But by the sounds of it you are trying to sell it, so the options are that your ex sells it, and your BI goes into your bankruptcy estate( the OR would put a restriction on the property so that any surplus due to you would go to the OR), or a trustee would be appointed who would take most of your BI in so called management fees, resulting in less avaialable for the bankruptcy estate.
2. Nothing would happen to your limited company, unless it's having trouble paying creditors, who may be looking to wind the company up. The only thing,is that as an undischarged bankrupt you are not allowed to be a company director, so if you are considering bankruptcy then you should arrange to resign your position as director( form 288b I think at Companies house). So do you have someone who could take over as director, until you are discharged from bankruptcy, as you could still stay with the company as an employee, but you would have to ensure you didn't continue to fulfill any of the responsibilities as a director.
3. I couldn't see it affecting your wifes citizenship here, but other experts on this site may have a more detailed answer.
4. I take by job you mean being a company director, which has been covered in Q2.
5. The other owners could buy out your interest for the benefit of the estate. The OR or trustee would have to get it valued, take into account any finance on it, after which your share would be calculated on which an offer could be made to buy out.
6. Although a limited company is not covered in bankruptcy, any shares you have(if of value )could be considered, along with any endowment policies, stocks, shares, premium bonds, other property abroad, investments, inheritance's, and cars. As your in rental accommodation, this won't be affected, after all the OR does realise that you need somewhere to live, the only thing you'd have to do is provide a copy of the tenancy agreement to the OR.
Big Al |
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yepitsme
Starting Member
2 Posts |
Posted - 11 November 2010 : 08:37:49
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Thanks for the feedback and the recommended links, I can see that i definitely need to talk to someone and find out what my options are.
Will let you know how I get on. |
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Should I go bankrupt
