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claire37
Junior Member
United Kingdom
189 Posts |
 Posted - 13 May 2008 : 14:55:23
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Hi I have been made bankrupt, my partner is not involved in this and is not very understanding. I was made bankrupt for 2500.00 now my cards (which i paid monthly) and loan (6 moths left) have been taken into account so debt is now 7500.00. Can they make me sell my house. I have had OS meeting she said FTVA that was rejected so they had creditors meeting now I have a trustee. He has not contacted me direct but an advert was put in my local paper last week asking for other creditors to come forward. I have none that I haven't told them about.
Can I contact the trustee and propose a income payment plan or do I have to wait for them to contact me.Will they have to get my Partner involved.
Sorry for all the questions I just dont know where to turn and feel sick, |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 13 May 2008 : 15:55:37
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Hi Claire and I am sorry that your partner is not sympathetic or understanding.
The question of the house will depend on whether there is any equity in it. All your assets vest with the Official Receiver and if you have no equity in your property, you can usually buy it back for £1 plus the legal fees which would be about £250.
I cannot understand why you have a Trustee in Bankruptcy unless you have disposable income or an asset that is worth over £2,000. I run a bankruptcy advisory service, so please contact admin via the ask a question facility if you have a message that you would like forwarding on to me. |
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claire37
Junior Member
United Kingdom
189 Posts |
Posted - 13 May 2008 : 21:28:07
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Hi, I have equity in my home but I jointly own this with my partner, Do you think this is why they have given me a trustee, Still none the wiser.
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melanie_giles
Senior Member
1191 Posts |
Posted - 13 May 2008 : 22:37:13
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If you have a private sector Trustee, other than the Official Receiver, this is due to the fact that you have an asset which now vests in the Trustee. Can you confirm the value of your share of the equity, as you could be a candidate for a bankruptcy annulment if your assets are more than your liabilities.
Can you also confirm who petitioned for your bankruptcy please?
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 |
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claire37
Junior Member
United Kingdom
189 Posts |
Posted - 14 May 2008 : 08:06:46
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Hi Melanie
The mortgage is £125000, They are selling on this road for £175000.
Luton Borough town hall made me BC as I fell behind with payments always paid monthly but could never catch up from my earlier adolesant days. My fault should not have let it get this far was the typical if I forget about it it would go away.
Now i am in this mess and feeling completly embarrassed.
What do you think will happen?
Claire |
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claire37
Junior Member
United Kingdom
189 Posts |
Posted - 14 May 2008 : 08:08:21
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| Sorry Melanie This means that I own half the equity as it is a joint mortgage with my partner, He is the main source of income and I work 30hrs a week. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 14 May 2008 : 08:27:12
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Hi Claire - why don't you give one of the experts a call today? Sounds like your share of the equity (£25k if there is £50k equity?) is much more than the amount you went bankrupt for - if I have understood Melanie's post right.
Good Luck!!!
Vicki x |
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claire37
Junior Member
United Kingdom
189 Posts |
Posted - 14 May 2008 : 09:21:23
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Hi Vicky
Thanks for reply, what happens then with my situation? having the equity in name is good but how do you use that to your advantage when bc, Sorry if I sound dumb I just dont now all the in's nd out's. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 14 May 2008 : 13:05:32
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Hi Claire - you definately don't sound dumb!
We need an expert to answer this though, I'm afraid I don't know enough about this area to advise you. If you look at any of the experts replies - Melanies, Bretts, Pauls etc they have links to their own websites and you can contact directly or I am sure one will be along soon to answer through the forum.
Vicki x |
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claire37
Junior Member
United Kingdom
189 Posts |
Posted - 14 May 2008 : 13:16:12
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Thanks vicky am hoping one of them will answer, keep checking. seems like i am spending a lot of time on here but it's good to talk to real people in the same boat
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 14 May 2008 : 14:01:50
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I know exactly what you mean! An expert will be along soon.
Take care
Vicki x |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 14 May 2008 : 19:44:30
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Hi claire,
If you have equity in the property there are a few ways you can annul your Bankruptcy.
Firstly you could propose an IVA to your creditors, if accepted this would annul the Bankruptcy.
Secondly you could obtain a secured loan, there are loans in the market place specifically for Bankruptcy annulment where the equity in your property exceeds your debt.
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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claire37
Junior Member
United Kingdom
189 Posts |
Posted - 15 May 2008 : 09:07:54
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Hi Brett
I didn't think I could apply for an IVA now I am actually Bankrupt, When I went to the OS she had me fill out forms for a FTVA which was then rejected, heard this is common. I have recieved a land registry form from Trustee to sign. Can I still go forward and propose IVA even though he has done this?
Really am confused as the trustee hasnot contacted me directly by post or phone, just this land form.
Please advise
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 15 May 2008 : 09:46:20
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Hi claire,
Even though they put you forward for the fast track VA I have not seen a huge amount of success with these as they don't give the personal approach a private Insolvency Practitioner does.
You can still propose an IVA to your creditors even though you have already tried the Fast Track and you are Bankrupt.
May I suggest in this instance you have a chat with Simon Atkins who is a member on this forum he will be able to advice you fully on this.
http://www.bankruptcyhelp.org.uk/forum/pop_profile.asp?mode=display&id=551
Use this link and then follow the link to his home page.
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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running scared
