Question that does not appear to have a black and white answer.
If a third party bought the beneficial interest in your house, for a £1(therefore making the OR have no Interest in your house) and after discharge from BR, the house starts to make equity again say after two/three or even five years, CAN the original creditors listed in the BR make any claim on the equity after being discharged or at any period in the future? Or will any equity be the sole interest of the Third party? Hope this makes sense and any input would be greatly appreciated.
once bankrupt all asstes belong to the OR and all debts ( other than mortgage debts on a house that you intend to keep paying the mortgage on, student loans, speeding fines etc) will be included in the Br.
Once the OR has passed the BI on to a third party then that is it. Creditors cannot legally pursue any future value in the house.
S10 here Another question I noted you advised Creditors can not pursue further value in the house. Does this still apply if you then sell the house at a later date with the aggrement of the person who has BI? Reason I ask as there will be technically cold hard cash for some one to pursue. ( this is assuming of course one has been discharged from BR)
it sounds like you have a lot going on so I would encourage you to speak to one of the forum experts so they can fully understand your situation and then give you full advice
as long as none of the creditors managed to have a charge placed on the property before the declaration of bankruptcy then a creditor can do nothing in the scenario you describe.
Please also be advised that on discharge you can arrange for the BI to be sold (if it has a value) back to you or transferred back for £1 plus solicitors fees (maybe more than the £211 as that is a government aided arrangement) as soon as you wish.
Creditors Rights??
Posted - 01 March 2009 : 09:49:56
