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helent1
Starting Member
2 Posts |
 Posted - 09 October 2008 : 17:54:17
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Hi,
I am considering bankruptcy as I am over £80,000 in debt, I work part-time and receive disabiltiy living allowance (mobility and care) disabled tax credit, return to work credit and £643.00 aprx per month from my p/t job, I currently pay £200.00 per month to my creiditors. My questions are:
1) I lived with my partner until 3 years ago, when we split up, I owed him £10,000 so when he 'bought me out' he kept £10,000 from my beneficial intrest and gave me £2,500, I was in debt then but no way near the amount now, I know now that he got 'preferential treatment' as he was a creditor, what I need to know is can I still go bankrupt and the official receiver not chase him for money? as I never contributed to the mortgage and the money I borowed from my partner was going to debt repayments, also the house we shared is now negative equity. I do not feel it is fair for me to go bankrupt and him have the house taken from him when the debts mine, espcially since I did not contribute to the mortgage? what is likely to happen, I have been told as it is over 2 years since the sale nothing would happen, but I have been told it is better to wait 5 years and also that the official receiver will go after any assets regardless, any advice would be great.
2) Also I have been told my benefits will be taken from me to pay into the bankruptcy, I need these for my disabilty, if this was the case could I just canx my benefits as if I cant have the money for my disabilties then I dont feel it fair for the creditors, as that money is for that purpose? please help.
regards Helen
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eamonn
Junior Member
320 Posts |
Posted - 09 October 2008 : 18:12:29
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hi helent1
welcome to the forum and good luckfor the future
i do not know the answer to your first question but one of the expert's will be along shortly to answer it but in answer to your 2nd question dla should not be considered income by the or but you still have to list it on your soa if after your other essential ayments you still have disposable income (withot counting the dla,i think)then you would be expected to pay a % of the di (aprox 50-70% depening on the amount of di)i hope this helps, keep posting and we will try to give you the best advice we can and youcan always ring the helpline at the top of the page they are very good |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 October 2008 : 19:28:20
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Hi Helen and welcome to you.
I would strongly recommend that you call our helpline when you can and get some personal one to one advice. The number is free and they will call you back.
The number is 0800 078 9367.
As eamonn has said DLA should not be taken into account but has to be added in on the SoA. Whether you get an IPA will be down to any leftover money that you have after you have taken account for you essential I&E per month, the OR would work that out for you.
On skippys blog she lists how much you might end up paying if you have any DI.
I would still call the helpline though as i cant really help with the rest of your question as i dont have enough knowledge sorry.
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
Edited by - Needafriend on 09 October 2008 19:28:55 |
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RHB
Senior Member
1159 Posts |
Posted - 10 October 2008 : 07:43:00
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| If the house is in negative equity it should be safe. How long ago did he buy you out? |
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helent1
Starting Member
2 Posts |
Posted - 13 October 2008 : 11:44:17
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HI,
My partner bought me out in June 2006, that is when it was finalised by the solicitors anyway, he gave me £2,500 and then we effectivley wiped the £10,000 I owed him, that was also wrote in the solicitors paperwork, and it is stated in there that he gave me £12,500 for my share of the equity in the property.
Many thanks for you replies and I will phone the helpline. kind regards Helen
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what is likely to happen ?
