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Stephen.ll
Starting Member
5 Posts |
 Posted - 03 April 2012 : 15:16:08
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| How can i keep my house,can i offer to pay off creditor that took the bankruptcy proceedings |
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debtinfo
forum expert
2826 Posts |
Posted - 03 April 2012 : 18:07:02
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| can you provide some more details, has the bankruptcy order actually been made yet etc etc |
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Stephen.ll
Starting Member
5 Posts |
Posted - 03 April 2012 : 20:36:41
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quote:
Originally posted by debtinfo
can you provide some more details, has the bankruptcy order actually been made yet etc etc
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Stephen.ll
Starting Member
5 Posts |
Posted - 03 April 2012 : 20:42:29
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Hi- yes bankruptcy order made 15th March- Ist meeting at receivers office tomorrow and currently trying to complete forms. was managing but Credit company took action. Have own house with about 50K equity total debts just under £25K- Self employed.
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debtinfo
forum expert
2826 Posts |
Posted - 03 April 2012 : 20:50:18
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What you are thinking of is an Annulment.
Now there are 2 main ways to get an annulment,
first is where the order "ought not to have been made" - this is where there has been something wrong with the process of making you bankrupt, for instance if you were mistaken for someone else or if the correct forms were not completed in the process, or incorrect notification given, that sort of thing, in that case you simply make the application and if the judge agrees to the point made the bankruptcy is annulled and you dont have to pay anything.
The second type is "paid in full or secured to the satisfaction of creditors" - this is as it says where you pay the creditors or give them a charge on a property or anter into an IVA, basically they are annullinig the bankruptcy on the basis that you have either paid or come to some sort of agreement as to how the creditors will be paid - the most important thing to note is that ALL creditors must be paid or secured not just the one that made you bankrupt, you must also pay all the costs of the bankruptcy |
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Stephen.ll
Starting Member
5 Posts |
Posted - 03 April 2012 : 20:57:46
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Thank you-Will i get Honest and helpful Advise from Receivers office tomorrow? eg are they solely interested in getting owed monies repaid whatever the concequences? -or should i have taken advise from the huge pile of letters i have received since.Because i have no idea where to start.
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debtinfo
forum expert
2826 Posts |
Posted - 03 April 2012 : 22:48:33
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The OR wont advise you (they are not allowed to because they should be impartial) but they will answer honestly any questions you ask about process etc and what needs to be done to be legaly complete.
Generally anyone who mails you is not a good start, if you need representation i would look up a local insolvency practitioner, a giid ine will give you 30min of free advice to start with and should outline all their costs upfront, ie dont expect them to be cheap, it is an expert profession and is paid as such, other people you can get basic advice from are the debt charities |
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Stephen.ll
Starting Member
5 Posts |
Posted - 03 April 2012 : 23:07:58
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Thank you-now to see what tomorrow brings.
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Can I pay off creditor to keep my house ?
