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keith
Junior Member
170 Posts |
 Posted - 15 April 2008 : 11:33:11
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I have debts of £23k+ which is under a payment plan with Payplan and recently had to close a shop, the landlord is requesting £10k for the remainder of the lease or he will sue me for the remaining 5 years of the lease, the venture lost me £25k, I have no equity in my home and no assets, my car is a company car.I owe members of my family £9k due to the ventore with the shop.I feel bankruptcy is the only way out, will my home be effected if I have no equity.Is bankruptcy the best way forward.
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 15 April 2008 : 12:17:49
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Hi Keith,
If you have no equity in your home or the property is in negative equity the official receiver or trustee in Bankruptcy will offer to sell your beneficial interest to a third party (normally your spouse or a family member) for the nominal sum of £1 plus the legal costs. If this is the case your home will be safe, may I suggest you get an up to date valuation and mortgage redemption figures to give to the OR when you declare Bankruptcy.
With little or no equity with you property and with no other assets then I think Bankruptcy may well be a sensible move and give you a fresh start.
I hope this helps,
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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I feel bankruptcy is the only way out
