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bearsndogs
New Member
51 Posts |
 Posted - 07 September 2011 : 20:27:05
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As you may know, I was made bankrupt in December, 2009 - my husband was not. As a result of the bankruptcy, the Trustee informed us that we would probably have to sell our property, which has now been on the market for just over six months. However, due to the property market being very slow, nothing has happened, although we have had a number of viewings.
I have today received notification from the Trustee that they want us to sell the property within the next two/three months and we have to contact the agents accordingly.
When I was originally made bankrupt, I was advised that we had up to three years before a sale could be enforced; however, from the tone of the e-mail I have today received, the Trustee is indicating that I must sell up before that time.
Due to the fact that my husband is NOT bankrupt, can they take out out a Judgment before the three-year period to enforce such a sale? He will strongly contest this if possible, but where does that leave us? Alternatively, can they find someone who will purchase our property independently of the agents, who will force us out?
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bearsndogs
New Member
51 Posts |
Posted - 07 September 2011 : 20:32:31
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Further to the above, what is the situation regarding the fact that £17K-plus has already been written off by one of the creditors? Can the Trustee still enforce such sale? I have to say that I'm not sure if the Trustee is aware of the write-off as, although I have done everything required of me, I have tended not to have too much correspondence with them, in order to keep their extortionate costs down. I would also add that when they provided me with a breakdown of monies due, the total debt outstanding (which at that time included the £17K-plus), was virtually double the amount of monies due to the various creditors. I, therefore, cannot see how they can justify such costs, when so little has been done!
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debtinfo
forum expert
2826 Posts |
Posted - 07 September 2011 : 20:47:31
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yes they can force a sale, no they dont have to wait 3 years that is the time they have to start doing it by not the time they have to wait until. To force a sale they have to go to court and the curt will decide how long you have to vacate.
If you dont mind me asking, why are you still there, you seem resigned to the fact that it will be sold (hence it being on the market) im not sure why in the last 6 months you have not been making plans for an easy transition to another home so that it can be done on your own terms, the longer you wait then the more rushed the final move is likely to be. |
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bearsndogs
New Member
51 Posts |
Posted - 07 September 2011 : 21:46:50
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I have lived here all my life and am almost 64. I have no desire to move, but it looks as if I will eb forced out of my home. I think it will be better if I'm carried out.
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debtinfo
forum expert
2826 Posts |
Posted - 07 September 2011 : 21:50:51
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really? you dont think it would be better spending a couple of months looking round to find a home that is affordable and comfortable to live in, rather than being evicted with nowhere to go, do you realise that it may take some time to get a rental given your bankrupt status
your choice i suppose |
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bearsndogs
New Member
51 Posts |
Posted - 07 September 2011 : 21:58:03
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There will be very little residue left after everything has been paid, as there is a mortgage on the property anyway, which is just over two-thirds of the value of the property, so we would be unable to buy anything anyway. Also, because we have grandchildren who live with us, but for whom we have never claimed (a private arrangement between us and their mother), the Council will not house us, other than to provide us with a one-bedroomed "box", which will probably not be within the area in which we live anyway. And as you say, looking for somewhere to rent will be difficult, due to my status.
We were hoping that someone would be prepared to buy the property with a view to us renting, but there doesn't seem to be anyone out there prepared to do that.
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 07 September 2011 : 22:01:30
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Although renting is difficult when you've been BR it is possible so if I was you I'd start looking around. I completely understand that you don't want to leave your home, but it would be better to start looking and do things on your terms than be forced.
Good luck x
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 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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debtinfo
forum expert
2826 Posts |
Posted - 07 September 2011 : 22:01:53
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| obviously that would be the ideal situation, maybe you could visit local estate agents who could put you in touch with local large landlords, these may be more willing if they already have a large portfolio as that spreads the risk and they have a ready made tenant |
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bearsndogs
New Member
51 Posts |
Posted - 07 September 2011 : 22:29:40
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The agents with whom we are registered are fully aware of the situation and there was a couple who might have gone ahead with buying the house on our terms, but unfortunately - as is always the case with these things - they found something better. Regrettably, due to the fact that the area in which we live is generally a depressed area, no-one seems interested in buying property anyway and the "big-wigs" are certainly not interested in buying property where they are going to get very little return for their investment, regardless of whether I'm the one paying the rent or anyone else.
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Can They Force us to Sell?
