|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
bearsndogs
New Member
51 Posts |
 Posted - 04 July 2011 : 14:44:48
|
I was made bankrupt in December, 2009 and needless to say, things have been very difficult during that time. It has resulted in the Trustee telling me I have to sell my property, which has now been on the market for just over three months. To date, given the very slow market, there has been very little interest, although there may be someone who may purchase the property with a view to myself and my husband remaining there on a leasing basis (we are both over 60 and obviously don’t wish to leave our home).
However, I have a couple of queries which I hope someone can answer for me.
When I was made bankrupt, I obviously had to provide details of all creditors. Approximately half the total debt owed was made up of a loan (not the petitioning creditor) which had been in the joint names of myself and husband. I had originally considered opting for an IVA, but due to the nature of my husband’s employment, it was possible he could have lost his job (things have changed since then, however, in this regard!). However, we recently received statements from the loan company indicating that the debt had been settled by an “in house” payment and this is confirmed by my credit report. I have two questions regarding this :
1. As the debt has been settled, and the remaining debts are in my sole name, would the Trustee still be able to enforce the sale of our property, even though my husband does not have the wherewithal to buy me out?
2. If and when the property is sold, would this debt still be included in the bankruptcy estate? (I know this might sound a bit silly, but I don’t think I should have to pay twice!
My second query relates to the remaining debts.
If I had not been bankrupt and making payments to the creditors and the time came for being able to settle the debts, I believe I would be able to negotiate with them on a settlement figure (generally less than the balance owed). Does the Trustee apply for such settlement figure? (I don’t imagine the petitioning creditor will want anything less than the amount owed!) If this is the case, then obviously this will considerably reduce any costs that have incurred during the time of the bankruptcy.
Sorry for being so long-winded, but any advices would be much appreciated.
|
|
|
RHB
Senior Member
1159 Posts |
Posted - 04 July 2011 : 17:38:00
|
I don't understand about the first debt, who paid it off & when?
|
 |
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 July 2011 : 17:47:27
|
I find that first one strange as well - I have no idea what an 'in house' payment is.
As regards the rest - you are no longer responsible for them. If you are subject of an IPA then this is paid across to the creditors pro rata. There will be no costs.
Once discharged your BR is finished, and an IPA will last for three years. After that it's finished and your creditors cannot go after you for anymore money.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 05 July 2011 : 14:04:03
|
| count me in on the confused bus |
|
|
|
Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 05 July 2011 : 16:06:26
|
I'm on the bus as well,BUT if the joint loan you had was as it were settled post bankruptcy, and it wasn't the petitioning creditor then the other creditors will see it as a preference payment. In reality this means that the trustee could start proceedings to recover that money,so it can be divided amongst creditors.
As for the petitioning creditor wanting full payment, they will get whatever dividend the trustee arrives at, once all costs etc are accounted for.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
|
|
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
Settling Debts
