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acm
Junior Member
United Kingdom
274 Posts |
 Posted - 02 December 2008 : 11:17:08
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Hi
I wonder if someone can advise on the following:
I have an interim charging order on a property which is owned by myself and my ex which she still lives in with my children. The final charging order is taking place in just over a weeks time.
The question is. For many months now I have considered going bankrupt. However, can someone tell me that when I do go BK will that charging order be taken into account with my other debts and if so does that mean the order will therefore be null and void?
Many thanks |
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Jane.l
Average Member
511 Posts |
Posted - 02 December 2008 : 11:31:01
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| Once the charging order is in place, it is effectively a secured debt and has to be paid, bankrupt or not, if you want to avoid this, you would have to go bankrupt before the final order is placed on the property |
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acm
Junior Member
United Kingdom
274 Posts |
Posted - 02 December 2008 : 13:20:37
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Ouch, thats a blow, I was hoping for some positive news.
Thanks anyway Jane |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 December 2008 : 14:12:47
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Hi ACM
I have to agree with Jane here, if you dont go BR before its complete it will be too late, i know thats not what u wanted to hear but thats about it really.
How long now before its final.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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pix1
Average Member
689 Posts |
Posted - 02 December 2008 : 14:33:06
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| i am not a hundred per cent sure but I think you may be able to go BR after the interim charging order becomes a final charge on the property and cause it to beocme null and void. Anyway, if you go BR before or after the charge becomes final that creditor concerned will become a creditor in your BR, a Form J Restriction (a type of charge) will be placed on the property concerned by the OR so that it could not be sold without the OR's interest being taken into account. Clearly, here, it appears your ex is not about to go BR but that you are considering it. The OR's interest would be on your part of the property, presumably half of it, but the OR could still insist on its sale. The creditor concerned, by the way, might press for the property to be sold at the impending court date for a final charge. There are big issues here. You have missed the chance of transferring your part of the opwnership to your ex. This is due to the interim charge. One possibility is that your EX might be able to purchase your BENEFICIAL INTEREST in the event of your going BR. You could try ringing Paul Johns for advice on this situation and good luck. |
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Charging Orders
