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2day
Starting Member
4 Posts |
 Posted - 21 May 2011 : 06:36:21
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Hi,
My husband will soon become Bankrupt. We have been through so much and have lost everything. Our home, cars, business, etc.
I found your site tonight and thought I would ask for your opinion about something which is troubling me.
We are both on various benefits now for the first times in our lives. I am a pensioner myself on Pension Credit but we both feel very fortunate to have a roof over our heads. All debts are in my husband's name.
The Banks are finally calling on Personal Guarantees but there's no way they can recover any more money. They have never really listened to what we have told them in our letters and everything has taken so much time to get to these final stages.
They have stripped all my husband's assets already. We can't possibly cover the huge debt. Paying Bank interest on business loans, our mortgage, workers salaries and our creditors for as long as we could we simply ran out of money and used all our personal wealth. I have no money in my name either.
My question is about a future inheritence as my husband's parents have willed their house to my husband.
When he becomes Bankrupt will this future inheritence come into play as an asset?
We are getting on ourselves and they are in their 80's and 90's. If the house is in my husband's sole name, does this mean we lose that as well despite the fact that the property would not cover the Personal Guarantee? Having fought our finanical ruin since 2007 will we end up losing this inheritence as well? Could I place a Charge on the property in my name to protect it in any way? They did not mention me by name or our family in the Will as they would have thought that my husband would take care of me and our family and his name in their Will would suffice.
Thank you so much for reading through all this - I do not like to ask for help but this particular question is giving me sleepless nights (again).
Kind regards to everyone. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 21 May 2011 : 15:39:19
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Hi and welcome to the forum,
Unless your husband's parents die before or during the 12 months he is bankrupt then the house is safe.
Please keep posting, we're all here for you.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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2day
Starting Member
4 Posts |
Posted - 21 May 2011 : 18:20:09
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Hi and many thanks for the quick reply.
However, I am not entirely certain any Bankruptcy imposed upon my husband will only last for twelve months. Who exactly imposes the time/period and how do 'they' decide on it in the first place? If there any material I can access to give me such information? Doesn't it all come down to the individual who is appointed as some kind of Official (like Official Receivers)? Isn't there something specific about Personal Guarantees which are allowed to run endlessly?
Sorry for the extra questions.
Thanks again. I will check for replies whenever I come to my PC.
Regards to everyone x |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 May 2011 : 18:27:17
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Unless your husband has done something untoward with his finances (such as criminal activity, drugs, gambling) then the bankruptcy will last no longer than twelve months.
He may have an income payment agreement for three years if his disposable income is high enough but he will be discharged within 12 months.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
xxx |
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2day
Starting Member
4 Posts |
Posted - 21 May 2011 : 18:31:14
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| I will find a suitable time to tell my husband that I have been on this site - I have to let him speak with his friend first. |
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2day
Starting Member
4 Posts |
Posted - 21 May 2011 : 18:41:40
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Hello Kallis3
Just about to switch off PC and saw I had another response. Wanted to add very quickly that absolutely nothing untoward applies. Perhaps I should have been clear from the offset about that one ;-) Think I shall now print off all this and go show him!
Have a good weekend folks.
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 May 2011 : 22:27:04
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Hi 2day and welcome from me as well. The standard period for BR is 12 months, and the only reason that I can think of for it to be longer than that is if your husband failed to co-operate with the OR (which I'm not suggesting he would!) and then discharge could be suspended.
If he has more than £20 disposable income per month he will be subject to an Income Payment Agreement for 36 months, but this can be varied up or down if circumstances change.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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glafy
forum expert
436 Posts |
Posted - 23 May 2011 : 11:46:02
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Hi 2day and a welcome from me too.
I hope that the forum can help you both.
It is a bit of a minefield out there so keep posting and our experts will advise as best they can.
Good Luck.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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Topic |
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Banks finally calling on Personal Guarantees
