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cathy2001
Starting Member
3 Posts |
 Posted - 30 March 2009 : 22:12:39
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| Sorry if this is long winded. My husband and I entered into an IVA in August 08. We are now having problems and think its best if we split up. We owe 53000 and have a secured loan of 25000. The house is worth about 70000. Our daughter is 10 and I dont want to loose the house. Can anyone advise what would happen if we both declared ourselves bankrupt and split on re house. Thanks Locko |
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John
New Member
United Kingdom
73 Posts |
Posted - 30 March 2009 : 22:42:52
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Hi cathy
it's not long winded at all but your situation is not clear.
If I read correctly there is £45K of equity in the property and you owe £53K of unsecured debt which you are currently servicing via an IVA. Based on that information if you both declare bankruptcy the property would be claimed by the trustee and sold.
As you have a child the forced sale would probably happen 10 to 12 months into your bankruptcy to allow you time to find alternative accomodation.
Even if sold at market value your debts would not be repaid in full so you would receive no monies from the sale.
However if have read this wrong and what you mean is that the mortgage is £53K, you have a secured loan of £25K and the property is worth £70K then you are in negative equity and will be able to keep the property if you so wish. To purchase the beneficial interest back from the OR will cost £211 in legal costs + £1 for your benefical interest and a further £1 for your husband's beneficial interest.
You must be able to continue the mortgage and secured loan repayments of course in order to retain the property.
John White
England Jackman & Spacey |
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cathy2001
Starting Member
3 Posts |
Posted - 31 March 2009 : 12:44:52
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Thanks John, sorry I did mean a mortgage of £53,000. I dont know whats going to happen yet as its a big and difficult decision to make. My main prioryt is my daughter. Could you point me in the right direction re income and expenditure and what your allowed in bankruptcy. Also sorry to ask more questions but do baliffs come into the house and pick things e.g tv etc thanks for your help
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 31 March 2009 : 12:53:35
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Hi Cathy, first of all don't worry about bailiffs coming to your home - this doesn't happen under BR. Your household items are safe, providing they aren't worth a fortune.
Regarding your income and expenditure, I would recommend that you sit down and work out exactly what you spend (not worrying about any guidelines) and then post it on here and the experts can comment. Also, a lot of people have posted on here recently and people have commented, so it might be worth you having a search through the posts.
Good luck x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
22 IPA payments made, 14 to go - on the home straight! |
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cathy2001
Starting Member
3 Posts |
Posted - 31 March 2009 : 16:19:48
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Thanks Skippy. You may remember I was feeling this way before Christmas. What do they say it never rains it poors! Thanks for your help Cathy xx
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 31 March 2009 : 16:41:21
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I'm sorry things haven't got any better for you, and I really hope that you can soon have the fresh start that you deserve xxx
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
22 IPA payments made, 14 to go - on the home straight! |
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Sorry if this is long winded.
