Hello Everyone, this is my first post and Im hoping someone can help with my question. I went bankrupt in June last year after running out of money durinbg defending myself in a law suit. It was a business deal gone wrong but the two directors suing me had parents who were lawyers so I guess I was never going to win. Two creditors then placed a restriction on my home with the Land Registry a month after going bankrupt. I will be discharged from BR in June coming. Will the Insolvency Service lift these restrictions once Im discharged. When I went bankrupt it was to protect me from these creditors and debts owed. Obviously if they have an interest on my home and I can never sell it without their signature, I havent really achieved the purpose of going bankrupt. My wife was going to buy the BI in the family home but will she take on thier restriction since the Land registry service have written to both me and her about the restriction. Any advice would be gratefully appreciated.
Firstly welcome to the forum you have come to the right place to ask questions. I think i have read in another posting that once your have been declared BR your creditors should not be able to place any charges on your assets, thats what the OR is supposed to do for the benefit of all creditors!! I think you may want to consider having a chat or e-mail one of the experts, you can contact them through the link on the left of the page.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum. Life's too short!!!
the creditors should not have successfully applied a charge to your property after bankruptcy. The reasons are fairly simple. The debt you owed the creditors is your debt, not your wife's. Therefore any creditor may only place a charge against your interest in the property, not your wife's.In bankruptcy you have no interest because it belongs to the official receiver.
I assume the court hearings regarding the charges were not defended by you therefore the court would not have been aware of your bankruptcy.
Have you had a conversation with the OR on this? If you haven't I would discuss it with him first as it may well be he can sort it for you and at no cost.
creditors have land register restrictions
Posted - 03 April 2009 : 14:42:58
