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pix1
Average Member
689 Posts |
 Posted - 19 March 2008 : 14:30:32
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Thanks Brett for all your efforts in checking into this question.
Just to recap I put down my mortgage as a secured debt in my bankruptcy petition statement of affairs and stated in Section 11.2 of the statement of affairs the following;
"My property...is in mortgage arrears and about to be subject to a repossession action by...the mortgage company. My wife and I expect significant mortgage arrears/shortfall when the property is sold".
I would say that by stating the above (albeit not listing it in unsecured creditors with a question mark) I have, effectively, flagged the potential shortfall issue to the OR.
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 19 March 2008 : 14:36:54
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Hi pix1,
No Problem as I say it certainly got the grey matter working.
From what you have shown as above you have more than covered yourself with your property position, and as the property still forms part of your bankruptcy estate then this can be dealt with as an unsecured debt.
Can I ask your wife's position in all of this?
As there will be a shortfall she will now become solely responsible for debt to the mortgage company
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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pix1
Average Member
689 Posts |
Posted - 19 March 2008 : 15:31:27
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Regarding my wife's position (see also topic Nil Tax Code) she has not as yet gone bankrupt. It seems now to be safe for her to do so around, say 10/4/08 or soon after (see topic Mortgage Shortfall and Bankruptcy). I know she is subject to any mortgage shortfall accruing so long as she does not go bankrupt. She has a lot of other unsecured debts which would need to go into any bankruptcy (around £35k worth). She still has issues about possible stigma. She works as a nurse in NHS. I have checked the T&C's of a job she is about to start in mid April and it says nothing about bankruptcy needing to be declared or a disciplinary matter. Also, her professional body, the Nursing and Midwifery Council do not consider bankruptcy to be an issue for discipline or expulsion according to their own website. My wife is also scared that she might not have the option of going to work in the USA where she has relatives if she is bankrupt in the uK but I believe she would not be hindered in travelling there by US immigration but her potential employer might need to be notified and see what they think.
All in all, she is not mad keen on the idea but I am frightened of her being hounded for the inevitable shortfall as well as the other debts if she delays too,long. Not to mention that we should aim to have good credit records as soon as possible in 6 years time to rebuild our finances.
There is also the question of the fee for bankruptcy. It would be another £485 for us to pay.
By the way, should she state on her petition if she does go ahead my own bankruptcy reference number? Would are bankruptcies be handled together, perhaps by the same OR? |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 19 March 2008 : 16:37:30
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Hi Pix,
I have answered most of this on your other thread, however with relation to your last point, It would depend how busy that particular office and examiner are. It is not really a joint situaton as both are seperate cases, but it is possible they will look at the case as such as much of the reasoning and situation is the same.
I hope this helps.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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