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roy69
Starting Member
1 Posts |
 Posted - 04 February 2009 : 21:22:39
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| i have been served with a bankruptcy statutory demand. Will i lose my house value of £325000 mortgage of £225000 Debt well over 100k |
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John
New Member
United Kingdom
73 Posts |
Posted - 04 February 2009 : 22:36:12
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Hi there
one can never be sure but it can often be the case that a creditor will issue the stat demand to prompt you into action, perhaps with no firm intent to continue the bankruptcy process.
For your info the cost to the creditor to petition the court for your bankruptcy is around £1500 minimum so is the debt large enough to warrant them going forward with such an action?
Another reason why it would be unusual for a creditor to take this action in your particular case is, supposing you were made bankrupt and forced to sell your home. You have valued it at £325K but in todays market the property sale may actually realise significantly less than that figure.
For the purpose of the exercise let's suppose it sells for £285K. After legal costs the sale may realise around £50K. If your total debt were £100K then all creditors, including the petitioner would, in theory, receive a dividend of 25p in the £ (assuming it to be a joint mortgage)or 50p in the £ if sole.
If the creditor had opted for a charge on your property they have a very good chance of realising 100% as it takes preference over unsecured debt in the event of the sale of your property, forced or not.
Please remember though that there are many incidents of creditors choosing the wrong solution so I cannot say they will not petition for your bankruptcy but it clearly is not their best option.
You have an estimated £100K in equity.
Are you a joint owner, perhaps with your wife / partner, of the property? Has your wife / partner worked over the years? Have you ever remortgaged the property and used the funds realised to support your business? If the answer is yes to some or all of these questions it's possible the property could be saved in bankruptcy but working on the assumption that the creditor issuing the stat demand means business you need to act very soon.
timendi causa est nescire
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Edited by - John on 04 February 2009 22:36:55 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 04 February 2009 : 22:41:43
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Hi John
I didn't know you speak Latin.
Ignorance is the cause of fear ?
ROY69
This may be a bluf but it might be for real so you need to act tomorrow and get help. Can I suggest you speak to the helpline and at the very least get some advice about your options
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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John
New Member
United Kingdom
73 Posts |
Posted - 04 February 2009 : 22:49:13
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Hi Paul
Yes your right, there is nothing to fear but fear itself. I imagine a few may have been researching the meaning just in case it was something untoward!!!
I confes I'm far from fluent but I do like a number of latin quotations, they can be quite inspirational.
Did you study latin too?
Stems from Grammar School days and sticks with you, sometimes even the meaning of the message does.
Null die sine linea was the school motto - and I do try.
timendi causa est nescire
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 04 February 2009 : 23:28:22
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truly you are a poet
In italy last summer I suggested to my wife that the Sunflower derived its name from the Latin Sunflowrious Seedius. She believe me for a while, however got a little grumpy in the afternoon.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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i have been served with a bankruptcy statutory
