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nathan 2
Junior Member
United Kingdom
192 Posts |
 Posted - 01 September 2008 : 11:57:18
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| I have been ordered to pay a former girlfriend a considerable amount of money from our previous relationship after a property deal went wrong. Will bankruptcy annul this debt or is it exempt (as a civil action)? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 01 September 2008 : 12:01:46
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Hi Nathan,
Bt civil action, do you mean a CCJ? If so, BR will clear this debt. However, there are a few things to condiser (for example, was any security taken over your assets?). Perhaps if you could elaborate further.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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nathan 2
Junior Member
United Kingdom
192 Posts |
Posted - 01 September 2008 : 20:02:03
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The house that we used to jointly own was remortgaged shortly before we split. I was to invest in the property market with the proceeds and pay her back when the profit rolled in. I signed the joint house over to her a few months prior to the remortgage & relationship split in order to raise capital on a buy to let property that I owned by changing it into my own name.
The investment went wrong and all the money was gone.
Now the court have ruled that I should pay her the remortgage amount back, plus costs.
I have no way of paying this in any way shape or form.
Will this be included as a debt or will the court treat this as a family or civil matter? I'm not really sure, although I have taken advice from 2 solicitors and both seem to think that this WILL be included, neither of them specialise in this area of law. |
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John
New Member
United Kingdom
73 Posts |
Posted - 02 September 2008 : 00:10:57
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Hi
the debt will be written off in bankrupcty if you have no assets of your own to cover it.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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nathan 2
Junior Member
United Kingdom
192 Posts |
Posted - 02 September 2008 : 09:42:02
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| Thank you for that. This had been preying heavily on my mind. Many thanks again. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 10:00:19
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Hi Nathan,
I know this is a real stressful time but you will get there and be glad that you chose this road. No one wants to go BR or even get into so much debt but we all do it and for me it was the best thing i have ever done and now i can chill and relax with my family.
Your def not alone on here with what your feeling and its a good place to express those feelings and basically make new friends, even if you never meet us in the flesh.
I always say.......
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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nathan 2
Junior Member
United Kingdom
192 Posts |
Posted - 02 September 2008 : 11:16:20
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Thanks Jo,
The support and advice is much appreciated and does help a lot.
I'm just hoping that it is as smooth of a transaction as is possible (seeing the OR and getting settled back in to a routine, etc, etc).
I agree with what you are saying and can't wait to have work and home on my mind instead of "this house" or "that debt" on my mind. Currently, we have been fleeced so much by the banks that have financed my development and buy to lets that my outgoings are in the region of £9k per month!
Before the interest rates went up and when property was a safe bet, the same outgoings, secured on the same investments were nearer to £4k! Big jump up which, along with a combination of other things, has killed me financially.
Never mind.
Soon I'll be able to get home from work and really appreciate the great little family that I have at home and have nothing to worry about until the next working day. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 11:55:04
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Hi Nathan,
You need to focus on the positives here. This is a great opportunity for a fresh start with no debt, so enjoy it and don't make the same mistakes again :) Been there, done that!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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nathan 2
Junior Member
United Kingdom
192 Posts |
Posted - 02 September 2008 : 17:12:31
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Thanks Julian,
I really feel that I have been under so much pressure over the last 12 to 18 months that only positives can really come from this.
I know that it's not going to be the most pleasent of experiences, but when we just get sorted what I have to pay and for how long, I'll feel like I can settle into a routine.
Thanks |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 20:00:34
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Best of luck!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Topic |
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Will bankruptcy annul this debt
