I am considering bankruptcy. My annual salary is approximately £21K and I have debts of £27k with no assets apart from a half share in a property abroad. The equity in the house is very questionable as the property market is completely dead and it currently has a mortgage of 60,000 euros and the market value is about 130,000. It is jointly owned with my partner who is about to start an IVA. I'm really not sure where I stand with regards to the house - it would take forever to sell and after taxes and costs, my share of the equity would probably be £15K tops.
- Is there an opportunity for the OR to sell my share to someone else in my family? If so, what sort of offer might they consider?
- Do you think an IVA might be better - if so what sort of offer do you think I should make
An IVA will only work for you if you have something solid to offer - ie ongoing payments or the realisation of an asset (or both!).
Do you have any disposable income to make ongoing payments? And it would be wise to get a current valuation of the property to see what equity there is.
In the event of bankruptcy proceedings, a family member could acquire your share from the Trustee, so long as the transaction was at proper market value.
How is your partner's IP dealing with the property in his/her IVA?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
I am considering bankruptcy.
Posted - 15 April 2008 : 23:06:29
