I have today been told my IVA was rejected. I am now looking to post for bankruptcy. How long does it take. i have a house with negative equity of APProx £40000.00 but all mortgage payments are up to date. What happens to my house
If your house is in negative equity then you can buy the beneficial interest (BI) from the OR (Official Receiver) for £1 + £211 fee.
For BR you can find your local court at http://www.hmcourts-service.gov.uk/HMCSCourtFinder/CourtList.do. You should contact them and find out the procedure for declaring BR. Some have an appointment system and others just let you turn up on the day. If it is an appointment system then it can take 4 weeks or longer for your appointment.
You will need 3 copies (in most courts) of the 6.27 and 6.28 forms to declare BR except at the High Court where you only need one copy. Don't sign the forms before you go to court as they need to be signed in front of the bankruptcy clerk.
Don't worry about the court as you don't always see the Judge and even if you do they will only want to make sure you understand the consequences of BR and not question why you are in debt.
I have today been told my IVA was rejected.
Posted - 07 September 2009 : 18:56:04
