I am about to go bankrupt and have just recieved a notice of application to register a restriction against my house. The house, by the way, has negative equity, but the last thing I want is another debt secured on the house before I pull the plug? My question is about timing. The B136 notice from the land registry states that I need to object to the application before the 29th Jan otherwise the application will be completed. However, there was a judgement by the judge on 8th December 2008 that the creditor (RBS) could apply for a judgement on the house. But the actual hearing for the application is on the 27th February 2009. When do I need to apply for BR and at what stage do I need to be at to stop the charging order on the house going through? Will I for instance have to have met the OR by the 29th Jan or 27th Feb to stop it happening or is applying for BR enough?
The simple answer is that you'll have to have gone BR at the court prior to the final charging order hearing in order to avoid the charge being applied to the property.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
no it makes no difference if you intend to give up the property as on repossession and subsequent sale all the secured charges become unsecured and thus tied up in the bankruptcy.
However, you must get in there first before a charge lands if you can and if you intend to keep the property. If you don't then the time it takes for the property to once again gain equity will be delayed due to the increase in security against it.
I am about to go bankrupt
Posted - 09 January 2009 : 14:12:26
