PLEASE HELP! I WAS DECLARED BANKRUPT IN JAN 08, I HAVE A PROPERTY WITH MY PARTNER. HIS JOB HAS BEEN UNDER THREAT FOR THE PAST 6 MONTHS (HE'S IN THE BUILDING INDUSTRY), SO WE HAVE PUT OFF MAKING AN OFFER TO THE TRUSTEES TO BUY MY BI UNTIL WE ARE IN A MORE STABLE POSITION, AS I AM STILL NOT WORKING. THEY ARE NOW SAYING WE MUST MAKE AN OFFER ASAP. UNFORTUNATLEY HE HAS NOW BEEN TOLD HIS OFFICE IS CLOSING AND HE IS AT IMMEDIATE RISK. DUE TO THE ECONOMIC CLIMATE, OUR UNSTABLE POSITION AND THE FACT MY PARTNER SUFFERS FROM SEVERE DEPRESSION WITH OCD(WHICH THEY KNOW ABOUT)CAN THEY SEEK A WALKING POCESSION ORDER AND FORCE US TO SELL? ANY ADVICE WOULD BE APPRECIATED THANKS IN ADVANCE
Making an offer to purchase the beneficial interest wholly depends on the equity situation in the property - Is there any? If your partner is facing losing his job, how are you going to afford the mortgage? If you cannot pay the mortgage you will face losing the property regardless of health issues, the health problems may, delay matters but if you cannot afford to meet the repayments the mortgagee will have the right to repossess - if that is going to be the end result would it not be better for your partner to also file for bankruptcy so that any resultant debt/shortfall from the property repossession can be included in the bankruptcy?
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
Please help ! I was declared bankrupt
Posted - 14 May 2009 : 11:06:33
