We live in Scotland and my husband and I filed for bankruptcy which was awarded on 12th May 2011. My husband is making a payment of £200 p/m which started on 1st July 2011. I do not currently make a payment as I am currently receiving maternity allowance.
We are currently awaiting a valuation on our house and my car had been taken away. We've had conflicting advice regarding both assets.
1 - the car - we were advised prior to filing for bankruptcy that when the car is valued the first £3000 is disregarded and our 3rd party would be required to pay the outstanding balance. My car was valued at £4800 but the trustees are demanding the whole amount. I am currently on maternity leave, I am due to start working in December 2011/January 2012 and will need my car to get a decent paying job. I don't actually have a job to go back to at the moment but will need to work following the end of my mat leave.
Is it correct that they are demanding the whole amount?
2 - the house - do our 3rd party have to pay the whole amount of any equity that may be in the house? We were advised prior to filing for bankruptcy that our 3rd party could make an offer which may be less than the equity - is this correct? Also what happens with the balance?
We would really appreciate some advice/guidance here as we've been given some conflicting information.
If you would like to contact me direct (see experts button on left) I can pass your detils onto my Scottish colleague who can advise you direct, as the rules can vary between English/welsh and scottish bankruptcy law. Melanie
Melanie Nicholas CertDR 30 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
We have had conflicting advice regarding assets.
Posted - 15 August 2011 : 18:47:03
