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ladylumps45
Starting Member
United Kingdom
25 Posts |
 Posted - 23 February 2009 : 14:43:50
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| hello! i wonder if anyone can advise me as my husband is worried and stressed.he has a mortgage and cannot meet the payments.he lives with me and rents his flat out but the agent that acts for him isnt paying the rent from the tenant even tho the tenant is paying them(been down various routes to get money from them but no luck).to cut a long story shortthe mortgage company have now given him 2 weeks to come up with the 3 months arrears(1500 pounds) or it will go towards repossession.he needs to go bankrupt but not sure when to do it for timing? please can someone help.he also owes money to the lease holder and solicitors for a sale that hasnt gone through due to the agent giving tenant a 12 month contract behind his back!he has no money for this either.so when does he need to go bankrupt? we have the paper work but havent filled it in yet.are bailiffs etc going to come round now at the end of the 2 weeks the mortgage company have given him? thankyou. |
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ladylumps45
Starting Member
United Kingdom
25 Posts |
Posted - 23 February 2009 : 19:08:02
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| anyone please???? |
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John
New Member
United Kingdom
73 Posts |
Posted - 23 February 2009 : 22:51:11
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Hi ladylumps
if the plan is for your husband to give up the investment property and as he has a roof over his head then the sooner bankruptcy is declared the sooner the wolves will not only be kept from the door but sent packing as it were by the Official Receiver.
Unless there are other issues I see no reason for delay.
timendi causa est nescire
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ladylumps45
Starting Member
United Kingdom
25 Posts |
Posted - 24 February 2009 : 07:22:40
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| hi,thanks for the replies.im not on face book.john,thankyou, just wondered if he had to wait til the bank sold the flat and he owed the difference before going bankrupt but from what you say he should do it now.we will get it sorted.thanks for your help. |
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John
New Member
United Kingdom
73 Posts |
Posted - 24 February 2009 : 18:59:24
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Hi
please remember to enter tthe details of the potential shortfall of the property(when eventually sold) in section 4 (unsecured) of the statement of affairs. You wont know the amount so just enter £1 and you wont know the date so enter "unknown".
timendi causa est nescire
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ladylumps45
Starting Member
United Kingdom
25 Posts |
Posted - 25 February 2009 : 15:36:59
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| thankyou john,we have entered that on the forms.when the mortgage company start repossession(they have given him til the end of this week to come up with the money)what happens then?? also the court have given hubby a date for insolvency officer and judge for 21st april.what do we do about people chasing him for the debts until then?? sorry about the questions but we dont know really what we are doing! will it all be over that day at court with official receiver as well ??thankyou,julie . |
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John
New Member
United Kingdom
73 Posts |
Posted - 25 February 2009 : 19:54:30
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Hi
if you are 3 or more months in arrears then the lender can commence repossession proceedings.
First they will apply to the court for a repossession hearing. Assuming they are really on the ball the application could be made, from the details in your post, on Monday 2nd and in most courts the hearing would be set for a couple of weeks later, (eg March 16th).
As you will have no defence the court will award the lender the repossession order and you then have a mandatory 28 days in which to settle the arrears (eg April 13th). If the arrears are not then paid the lender then applies for an eviction hearing, let's say another 2 weeks (eg April 27th).
The eviction order is granted and you are served an eviction notice, 7 days (eg May 4th).
That's the shortest time possible for it all to happen but in most instances you could virtually double it and more.
As for the 21st, with some courts the bankrupt is interviewed by the OR the same day but this is not usually the case. Best to check by calling your particular court. Either way your husband will be declared bankrupt on the 21st.
In the meantime there's little you can do to stop creditor hassle except ignore them or tell them what the plan is, even then they are unlikely to stop until they have been contacted by the Official Receiver's office which can take up to a month and a further couple of weeks for the creditors to update their records.
But it will all end.
John White
England Jackman & Spacey |
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ladylumps45
Starting Member
United Kingdom
25 Posts |
Posted - 26 February 2009 : 06:06:11
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| thankyou so much for your expert help john,i really appreciate it. |
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hello! i wonder if anyone can advise me
