Bankruptcy help. Hi I can't find my original post on iva help but got great advice and back again now!. Basically I have offered security for a debt by way of charging order but the creditor has refused and going for bankruptcy which is actually doing me a favour and not so daunting after reading all your positives etc. Please can you help: I am now part way through serving the 21 day period of the Stat demand.Do I just hear off the Court next? How and when do I apply to stay in my property and at what point can my partner buy the equity? Also my vat and tax bill for previous business (sole trader) are still estimated. Does that matter when I have to forward details of my debts? thanks to any advice, appreciated.
if this creditor is not your only creditor then he cannot take up your offer of a charge on the property as this is preferential treatment.
As a creditor they can apply through the courts for the same thing but for you to offer one, or a deed of trust, is preferential.
If you are in a mortgaged property and are able to keep up the mortgage repayments then you do not have to apply to anyone to stay in it. It's your right to do so as secured borrowings are unaffected in bankruptcy. However, the OR can object if your mortgage repayments are excessive.
As soon as you have been made bankrupt you will be contacted by the OR's office and given the name of the examiner dealing with your case.
Assuming your wife is in a position to do so, she can, once these details are known, write to the examiner stating her wish to purchase your beneficial interest in the property.
If the property is in negative equity this will cost £1 + £211 in fees although I doubt there is negative equity or there would be little point offering a charge to your creditor.
If there is equity you need to arrange for a valuation asap to establish how much the OR will want from your wife for your BI (50% of the equity).
Bankruptcy help.
Posted - 16 December 2008 : 00:15:47
