Am a bit confused after reading various posts. Hubby and I are both BR but not had OR meeting yet. If we sell the BI in our house to my mum do we have to buy it back after being discharged? we are in a lot of negative equity but if one day we have equity can our creditors claim any of it?? Thanks
Firtly, don't do anything before you've had the meeting with the OR. They will sort out the sale of your BI.
You don't have to buy back your BI. However, should you not buy back the BI and eventually pay off the mortgage, whoever owns your BI will own 100% of the property.
If the OR sells of your BI, then the property is dealt with. None of your creditors can then ever make a claim retrospectively on any equity accrued thereafter.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
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Posted - 03 October 2008 : 16:09:37
