Hi all DDay hit today at 11 am Seen the judge all stamped certainly not stressful. However the grilling by the OR different. Short of demanding what underpants i had on he seems to want everything. My business partner & i have got to take the last two years of accounts with every bit of paperwork to back that up. Considering we had a business that turned over £250,000 a month there is alot of paperwork. Guess my wkd is full of sorting this lot out. A little worried about house now even though wife is joint owner & we have a declaration of trust split 90% 10% (10%) me. Don;t know if anyone one has had anyhting to do with houses & dec of trusts before. Would be interesting to know the outcomes. Paul
Thats great news that your now officially bankrupt.
Im sorry that i cant help really with the question re your house or your dec of deed of trusts, but John or someone who can will be along soon.
Take care
Jo x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Jo's Links and added info on Bankruptcy! http://debtfreejo.blogs.bankruptcyhelp.org.uk/
the terms of the deed of trust will still stand in the event of your bankruptcy.
For instance if there is deemed to be £100K equity then your share, on the face of it, would be worth £10K.
However, your wife could argue that if the trustee's insisted on a forced sale for the £10K (lets say your wife nor anyone else could afford to buy your beneficial interest for that sum) the costs of estate agents and solicitors fees in relation to that sale should come from your equity as the bankrupt as she had no wish to sell.
This would then lower the trustees claim and perhaps to a level affordable by your wife. Of course if the equity is around the £35K mark in total then it could be argued that the same sale costs would leave no equity for you (the bankrupt party)at all for the trustee to claim.
the terms of the deed of trust will still stand in the event of your bankruptcy.
For instance if there is deemed to be £100K equity then your share, on the face of it, would be worth £10K.
However, your wife could argue that if the trustee's insisted on a forced sale for the £10K (lets say your wife nor anyone else could afford to buy your beneficial interest for that sum) the costs of estate agents and solicitors fees in relation to that sale should come from your equity as the bankrupt as she had no wish to sell.
This would then lower the trustees claim and perhaps to a level affordable by your wife. Of course if the equity is around the £35K mark in total then it could be argued that the same sale costs would leave no equity for you (the bankrupt party)at all for the trustee to claim.
BR TODAY DONE
Posted - 14 November 2008 : 18:23:19
