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indy2005
Junior Member
458 Posts |
 Posted - 20 May 2009 : 19:03:28
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Hi,
2 years before I went BR I took out 65K of equity to pay my debts.
2 months before I went BR, I transferred the house to my wife when we re mortgaged, and had a declaration of trust drawn up to state that I had withdrawn my share of the house.
I am now discharged. There was no discussion about what my beneficial interest is (I pay half the mortgage - but am not listed on it), there was no charging order on the property against my wife.
I made the big mistake of asking my case officer about assets and next steps. She mentioned the shares being liquidated, and the IPA, but not the house. Stupidly, I asked about the house as I had heard nothing about it (and wanted closure), and she said now that I had brought it to her attention, she was going to examine it. Whlie this was stupid indeed, I didnt want to "wonder" about it for another 2 years.
As they have missed a window to put a charge on my wifes property, whats the worst that can happen now (bear in mind the house has come down in value while the capital has been paid off via the mortgage - although my wife still has equity).
Thanks
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Edited by - indy2005 on 20 May 2009 22:33:51 |
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RHB
Senior Member
1159 Posts |
Posted - 21 May 2009 : 07:29:49
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| Could be overturned as a transaction undervalue I suppose given that it was done so soon before BR. So, wife might have to find half the equity as worse case scenario. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 21 May 2009 : 09:20:17
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If it comes down to it your wife can argue that the £65K you took out was your half of the equity and therefore there is none left attributable to you.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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indy2005
Junior Member
458 Posts |
Posted - 21 May 2009 : 11:42:55
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quote:
Originally posted by Suzanne
If it comes down to it your wife can argue that the £65K you took out was your half of the equity and therefore there is none left attributable to you.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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indy2005
Junior Member
458 Posts |
Posted - 21 May 2009 : 11:44:43
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Hi,
We had a declaration of trust drawn up stating I had withdrawn my equity. I provided a bank statement showing all of the 65K going out to my unsecured creditors.
I have Brett representing me, and he says it is a clear case of equity of exoneration. I just wish I had kept my mouth shut.
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indy2005
Junior Member
458 Posts |
Posted - 21 May 2009 : 20:16:23
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| and when we say my wife can argue.....do we mean in court!? |
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RHB
Senior Member
1159 Posts |
Posted - 22 May 2009 : 07:24:33
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| I supose it would come to that if they weren't convinced you weren't trying to hide assets. But if it is as you state it probably wouldn't but how much equity is there? |
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indy2005
Junior Member
458 Posts |
Posted - 22 May 2009 : 21:34:06
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quote:
Originally posted by RHB
I supose it would come to that if they weren't convinced you weren't trying to hide assets. But if it is as you state it probably wouldn't but how much equity is there?
Hi,
Well I drew out 10K more than my half of the equity (65K), but that was over 2 years ago and I guess the house has dropped 20K in value with the rest of the market.
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indy2005
Junior Member
458 Posts |
Posted - 22 May 2009 : 21:38:02
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quote:
Originally posted by RHB
I supose it would come to that if they weren't convinced you weren't trying to hide assets. But if it is as you state it probably wouldn't but how much equity is there?
I would add I sought lots of legal advice before going BR, and no-one said that the house would be an issue as I have documentary evidence of my debts being paid off. Its not like I siphoned off money and put it under the floorboards.
All I wanted was closure after discharge (I have been watching the letter box each day for 12 months), and so just asked a stupid question, rather than watching the letter box for another 2 years. My worry is how can a question change anything?
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RHB
Senior Member
1159 Posts |
Posted - 23 May 2009 : 05:40:20
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| i would imagine it is just a case of writing providing the evidence then & then you'll have closure. |
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indy2005
Junior Member
458 Posts |
Posted - 23 May 2009 : 11:36:07
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quote:
Originally posted by RHB
i would imagine it is just a case of writing providing the evidence then & then you'll have closure.
Hi,
I dont need to write. It was all in my SOA, they have all the documentation concerning the transfer, they have the bank statements showing the money being paid to my creditors.
It passed from the examiner to the RTLU, the house was not mentioned as an asset. But just because I asked the RTLU a question, for some closure, they said that now I have brought it to their atttention they were going to look into it. The examiner has already looked at it. There was no independent IP assigned....but now they want to look at it.
The thing I hate about BR is the fact that you want information as to whats happening behind the scenes, you are scared to ask in case you "remind them" to look at something they perhaps are not looking at...wo you live in a void information hoping no news is good news. As if to prove this point, when I mention my house - they put a magnifying glass on it.
I thought post-discharge would be less stress, but I am now more stressed than ever. I now have to live in a void for 2 years, watching the letter box - scared to ask them in case it prompts them.
This has been my experience with the RTLU, I rang them to ask them about my shares - they had overlooked them, thanked me and then took 10K of shares off me they hadd forgotten...now the house.
Dont offer any information unless asked people. Then cooperate fully.
I guess I was looking for them to say "dont worry, we agree there is no beneficial interest in the house", -but they wont say that - because they dont know what additional information will come to light over the next 2 years.
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Ooops - should I have kept quiet
