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lsd
Starting Member
2 Posts |
 Posted - 15 February 2009 : 23:12:51
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| Hi all, i hope someone is able to give me some advice. I owe Coucil tax of just under £5000, a petition to court for a BR order to be made Tue (postponed previously for 6 weeks as they suggested this would give me time to get a loan to pay it off - unsuccessfull as had mortgage arrers) What happens after Tue, and what will happen if I can pay back the money owed in 6 months? I own a home, more than enough equity (but dwindling slowy!!)Any info grateful, LD |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 15 February 2009 : 23:34:08
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Hi
the council can in theory make you bankrupt if you owe £750 or more.
As you have been unsuccessful in obtaining alternative finance you could always try to come to a sensible payment arrangement with the council , or even offer to accept a charge on the house for the £5k.
It is the judges decision whether you will be declared Br, however if you owe £5,000 it is probably 2 years or more of council tax and if there have not been payments I suspect that the judge will grant the order
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 16 February 2009 : 10:13:26
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Hi
Once the bankruptcy order is made, you don't just have to pay back the council tax, but also all debt and costs in order to have the bankruptcy annulled. If you have equity in your property and want to retain it, you will need to get a third party to buy the beneficial interest (equity) for you. In order to find out how much equity you have, it would be advisable to get some valuations done on a forced sale basis, and a redemption statement from your mortgage company.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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lsd
Starting Member
2 Posts |
Posted - 11 March 2009 : 20:03:34
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Hiya, thank you for responding. I was able to speak with the C&I Officer before the court date, and come to an agreement. Although it will stretch me financially (£600pm) it was accepted and agreed in court. To be reviewed after paying 2 payments. Figured its better for me to pay out per month than have the bankruptcy, as I dont have a much more than 6k in debts. All the best.
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| bankruptcyhelp.org.uk Forum |
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Hi all, i hope someone is able to give me advice
