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james.st
Starting Member
9 Posts |
 Posted - 23 April 2009 : 16:35:06
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| There's a couple of things confusing me about going bankrupt. When I went to Citizens advice to discuss the issue they said that it is possible to get rid of my secured debts but it will mean losing my house and they also said that it would't affect my license to run a public house (Manager, not the business owner or tenant), but I've read things on the internet that say other wise. Does anyone know the real answer because its really starting to get me down. I'm not with my partner anymore and the morgage and secured loan are in both names, but I've fallen behind with 3 months payments on the house. Does anyone know the answer? Thanks |
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james.st
Starting Member
9 Posts |
Posted - 23 April 2009 : 16:47:38
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Forgot to say that there is very little equity in the property, the secured depts are £30,000 and I've got unsecured depts of aroung £25,000. Hope someone knows the right answer. Thanks
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Sunshine_Girl
New Member
77 Posts |
Posted - 23 April 2009 : 18:00:09
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If you have significant equity in your home, it is an asset and the OR will seize it. However, if you are in negative equity (i.e. your mortgage and secured loan come to more than the house value), you can keep your home. You have to buy it back, though, from the OR for a nominal sum (£1 plus legal fee). This is known as buying the beneficial interest. However, if you choose to give the keys back to your mortgage company before or during your bankruptcy and go for voluntary repossession, any shortfall owed on your secured loan and/or mortgage will be discharged along with your other debts, AS LONG AS YOU DO NOT BUY THE BENEFICIAL INTEREST OR SIGN A DEED OF ACKNOWLEDGEMENT.
Hope this helps.
SG |
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james.st
Starting Member
9 Posts |
Posted - 23 April 2009 : 18:09:31
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Brilliant thanks for the advise. Pointless even trying to keep the house though because even if I did struggle on its in joint names, so if I did manage to make it, half would probably be sold from under me as soon as it had any equity!
Any ideas about the personal license for running a bar? Think all of this is bad enough without losing my job too! Thankyou! 
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John
New Member
United Kingdom
73 Posts |
Posted - 23 April 2009 : 19:18:42
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Hi
first of all I should point out that whilst any shortfall from your property will be written off in bankruptcy this only applies to your liability. As joint mortgages are joint and several liability your declaring bankruptcy will not, in itself, produce a shortfall until repossession and sunsequent sale and even then your ex will be liable for all of it unless they too declare bankruptcy or can pay the outstanding amount.
I'm afraid you cannot be a pub licensee when bankrupt.
John White
England Jackman & Spacey |
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james.st
Starting Member
9 Posts |
Posted - 24 April 2009 : 01:16:39
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Oh well at least I know that I'm not going to go through it all and end up stuck with the joint morgage and secured loan. Shame about losing my job though, seems abit mad to put somebody out of a job considering the unemloyment rate at the moment! Thanks very much for your help, It was very much appriciated.
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 24 April 2009 : 01:29:09
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just to confirm , you are aware that if you go BR and the house is repossessed and sold YOUR liability will be covered by BR but the mortgage provider and the secured loan company will then apply ALL the liability of the shortfall to your ex and chase them for the whole amount.
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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james.st
Starting Member
9 Posts |
Posted - 24 April 2009 : 01:44:11
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Yeah we already discused it today on the phone, so we both know that we both have to do it. Thanks
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james.st
Starting Member
9 Posts |
Posted - 24 April 2009 : 01:51:53
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Just one more thing while I think about it. So If I have to lose my job, do I get the normal entitlements of someone unemployed or is it classed as making yourself unemployed so your not entitled to any money for 6 months? All seems abit bizarre considering its not even my business, I'm only a license holder to Manage it.
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 24 April 2009 : 02:00:54
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Would it not be possible for someone else to hold the licence until you are discharged? and you continue to work but not as the licensee?
As for how the DHSS works out if you are eligible i'm not sure but logically as you are not choosing to leave your job you would presumably be made redundant or sacked so you should be OK.
You could always check with your job centre
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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james.st
Starting Member
9 Posts |
Posted - 24 April 2009 : 02:10:00
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You can but a bar has to have a personal license holder on site at all hours of it being open to the public, so I don't really think he would want to pay for two Managers for every shift until I sort my problems out. Or is it more the DPS licence that your not allowed but a personal license is fine? So many questions! 
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 24 April 2009 : 02:26:43
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I have to admit i don't know i've just checked various sections of the insolvency technical manual and can't find anywhere were it says you can't be a licensee BUT if John says it then it is right and the CCCS website also says you can't be a pub licensee.
I presume it must be an industry thing like you can't do certain jobs in finance whilst undischarged.
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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james.st
Starting Member
9 Posts |
Posted - 24 April 2009 : 17:31:25
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Well I'll just have to go ahead with it and hope for the best! If I do lose my job though I think its abit of dated law and shouldnt be allowed anymore as it could take sometime to find a new one! Thanks for all of the advice
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 24 April 2009 : 23:13:53
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Just a note regarding the licence
There are now 2 licenses one is for the premises and the holder cannot be bankrupt. The other is the personal licence and is issued by the local council. some say yes and some say no. Check with your local council
in addition the Insolvencyt Service don't seem to be bothered about the personal licence but it is an absolute no no for the premises license holder.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 24 April 2009 : 23:38:25
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that sounds promising then , you might not lose your job after all,
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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james.st
Starting Member
9 Posts |
Posted - 25 April 2009 : 02:05:08
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Brilliant! thanks everyone for all of you help and good luck to everyone who is going through something similar...I'm sure there is a light at the end of the tunnel somewhere down the line!
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There's a couple of things confusing me
