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introubleagain
Starting Member
2 Posts |
 Posted - 20 April 2009 : 23:33:33
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| I need some advice please. I was discharged from bankruptcy in August 03 for a debt of £2,800.00. I have received a letter from the trustee in bankruptcy saying that they want to release interest in my house. I thought that when someone is made bankrupt the debt is written off. The trustee says that they need to release the interest in my house so they can pay off the unsecured creditor. My house has about £9k equity, what are my rights and if was made bankrupt is my debt not cleared. Please help |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 April 2009 : 23:59:42
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Hi
your debts are cleared in bankruptcy by allof your available assets.
In the case of a property then a trustee is appointed and if they lodge an interest in the property they are able to claim your beneficial interest which is at this point £9,000 ( unless the property is jointly owned or if you have a pertner that has shared the cost of the property)
I am sure you will find that the trustee is looking for the £2800 plus their fees and all in all this is likely to be up to £9k
you need to establish the real equity in the property and open negotiations with them to minimise what you need to find.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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introubleagain
Starting Member
2 Posts |
Posted - 21 April 2009 : 06:08:37
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| Thanks reviva, but I am a bit confused here with your answer. You say that my debts are cleared in bankruptcy. If they are cleared then how can he trustee look for the 2800. My property is joined with my wife. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 April 2009 : 11:42:09
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Your debts are cleared in BR, but if you have assets (in this case the equity in your home) it's the duty of the OR or trustee to realise the assets to pay your creditors where possible, and to cover their costs.
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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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 21 April 2009 : 13:25:29
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| Can you please confirm that discharge was August 2003, if so I dont understand why in 2009 Six years later you get this letter |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 21 April 2009 : 15:23:11
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Your debts are cleared with the realisation of your assts.
Upto now your assets had not been realised and it is likely a charge was placed on your property that the trustee now wants to realise as you now have equity in the property.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 April 2009 : 16:12:27
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Hi
I agree with Daniel.
If you were discharged in 2003 (pre the Enterprise Act 2002 which came into force April 1st 2004) the trustee in bankruptcy had until 31st March 2007 to commence proceedings in respect of releasing any interest you may have had in the property at that time.I would ask for proof that the trustee did so pre that date.
John White
England Jackman & Spacey |
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I need some advice please. I was discharged
