| Author |
 Topic  |
|
|
TROG
Starting Member
United Kingdom
31 Posts |
 Posted - 01 December 2009 : 20:42:42
|
| HI EVERYONE, I AM NEW TO THE FORUM ALTHOUGH I HAVE BEEN FOLLOWING IT WITH INTEREST FOR A FEW MONTHS NOW. MY WIFE AND I ARE GOING BANKRUPT WITHIN THE NEXT WEEK AND WE ARE SCARED OF WHAT MIGHT OR MIGHT NOT HAPPEN OVER THE NEXT 12 MONTHS. COULD SOMEONE PLEASE ANSWER MY QUESTIONS, IF WE SHOULD GET AN EARLY DISCHARGE FROM BANKRUPTCY (BECAUSE WE'RE BOTH CURRENTLY UNEMPLOYED AND THE SITUATION DOESN'T LOOK LIKE IT'LL IMPROVE IN THE NEAR FUTURE, WE ARE CURRENTLY LIVING ON BENEFITS AND AN ARMY PENSION OF LESS THAN £500 A MONTH) COULD WE STILL BE GIVEN AN IPA AFTER THE EARLY DISCHARGE IF WE SHOULD FIND WORK? ALSO, WILL OUR NAMES GO INTO OUR LOCAL PAPER AS WE HAVE HEARD THAT THIS HAS NOW STOPPED? HOW LONG ARE WE LIKELY TO BE ABLE TO STAY IN OUR HOUSE (WITH 2 SCHOOL AGE CHILDREN) BEFORE WE ARE MADE TO LEAVE AND WILL WE ABLE TO GET A COUNCIL HOUSE OR WOULD IT BE SEEN THAT WE MADE OURSELVES HOMELESS? ANY HELP ON THE ABOVE QUESTIONS WILL BE APPRECIATED, AND NO DOUBT THERE WILL BE MANY MORE. |
|
|
Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 01 December 2009 : 21:03:00
|
Hello Mark,
First of all, welcome to this forum and I am able to have a go at answering some of your questions:-
In answer to the question about the local newspapers - it is very unlikely that you will be in the local press - you will, (unless you are considered to be exempt), appear in the London Gazette and maybe Stubbs Gazette. The people who read these journals in the main are not likely to know you and it is not something you will see at your local newsagents!! ( a bit of humour here!)
I am in receipt of benefits at the moment, plus a couple of small pensions (slightly les than £500 per month) and I do not have an IPA. So you are likely to be in the same position. If I manage to obtain work before discharge that will, in all probability, alter - and the same would apply to you.
On your home. Do you have a mortgage and are you up to date with the mortgage? Is the house jointly owned? Is there any equity? (sorry for the 3 questions there).
If you lose your home, as a result of mortgage arrears or arrears on a loan secured against the home, it does not always follow that you will be treated as being intentionally homeless - lots of case law and the government initiatives are there to assist - (I can respond as necessary to any detailed questions later).
Just on the homelessness question. You have young children so the local housing authority (the council) will have a duty to offer you advice and assistance and also may be under a duty to provide you with alternative accommodation or assist with obtaining alternative accommodation - i.e. a deposit in the private sector or a number of other possibilities. DO NOT worry about this aspect - particulalrly at this early stage.
Even if you were to be evicted from your present home, (and we do not know that is the case) it would be into the spring of 2010 before that wouild happen and probably the summer of 2010 - BUT, do not worry as that is not necessarily what is going to happen to you.
Lots of positives for you and your family - remember, the government does not want to see the homelessness figures rise and it is an election year...
I am sure others will post tonight or tomorrow - please do not stress and you are NOT alone!!
regards, Richard
"There are no problems - only solutions..." |
Edited by - Housing on 01 December 2009 21:06:02 |
 |
|
|
In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 01 December 2009 : 21:15:31
|
Hi Trog, and welcome to the forum.
As Richard as pointed out, it is very unlikely your BR will be advertised in the local press - it costs to much, and considering the number of people going BR the OR cannot afford such a thing.
Regarding your property it would help to know if you are up to date with your payments, and if their is any equity in the property?
You can in theory purchase the beneficial interest from the OR if their is no equity and your payments are up to date.
Gd luck with your journey.
Treat EVERY Penny as a prisoner. |
|
|
|
TROG
Starting Member
United Kingdom
31 Posts |
Posted - 01 December 2009 : 21:16:45
|
| Hi Richard, thank you for your prompt reply. To answer your questions, we have a joint mortgage and we have been on a 12 month mortgage holiday since Feb 09 so this will finish shortly, we got the mortgage holiday as it was looking promising that work would improve during the year, it actually got alot worse hence the situation we are now in. Equity in the home would probably clear about a fifth of what we owe. |
|
|
|
Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 01 December 2009 : 21:21:27
|
Hello again Mark,
If there is that much equity in the property, the OR is likely to want the property to be sold... One of the Insolvency experts will post, I am sure to guide you on this.
Have you considered other options other than BR?
regards, Richard
"There are no problems - only solutions..." |
|
|
|
TROG
Starting Member
United Kingdom
31 Posts |
Posted - 01 December 2009 : 21:28:03
|
Hi Richard,
We have spoken to various agencies and have been told that this is probably the best option as due to the situation with my work, I can't guarantee monthly payments will be made when due.
We are expecting the house to be sold to clear part of our debt which is why we are so concerned about housing options.
Many thanks |
|
|
|
Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 01 December 2009 : 21:35:28
|
Hello again Mark,
Just trying to think about your strategy - I am not a insolvency expert (my background is public sector housing as a Director in a local authority in the 1990s and then as an estate and letting agent post that).
I have also acted for clients on repossession and defended clients from being repossessed.
My advice is to speak to one of the insolvency experts here - they are excellent and, of course, it is free and the experience of those of us as already being BR and our respective life/professional experiences.
Depending on how much your property is worth - i.e 20% plus equity and how that relates to your debts... All options are worth considering to avoid the ultimate stresses of going through homelessness.
I am sure someone will post (maybe tomorrow now). I am on this site every day - if I can assist in any way - I will be only too pleased to do so. Sadly, in over 30 years, I have seen too many people lose their homes and often there were other solutions.
I wish you and yours well, Richard
"There are no problems - only solutions..." |
Edited by - Housing on 01 December 2009 21:37:10 |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 01 December 2009 : 21:39:39
|
Hi Trog
welcome to the forum
can i ask why are you planning to go bankrupt in the next week ?
If a creditor is doing it to you then probably too late to really get organised.
But if you are declaring yourself BR,
1) most of the courts have a delay and you have to book appointment sometime in advance.
2) The Judge or Clerk will ask you if you have obtained advice, housing has suggested speaking to one of the experts, please do so before you apply for BR especially with a house with equity and two young children.
ref Local press, general rule of thumb is that it can appear in local press but unlikely unless really really slow week or your BR is of public interest, what is your local paper do they display all of the other BR (The paper will report court ref for example 471/09, have they listed the other 470 and what is the current reference for your local court) but if you really want to see your name in lights check on line London gazette !
One of the experts will guide you through the bankruptcy and then the next chapter which may include resettling your family, you may still be able to keep your own home.
it is worth the phone call or email to one of the experts just to make certain that you have researched all of the options
good Luck Richard |
|
|
|
TROG
Starting Member
United Kingdom
31 Posts |
Posted - 01 December 2009 : 21:46:35
|
Hi All,
Thank you for all the info, it is certainly food for thought.
|
|
|
|
Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 01 December 2009 : 21:52:35
|
Hi again Trog,
You wil find this forum very helpful. I stumbled on it in July about 2 months after I went BR - I am not saying there was any alternative in my case - I had simply borrowed too much in a recession and my business was getting deeper... (history now).
You do need to seek advice (none of my business); but I really have seen so many cases that after the event, the home could have been saved. It may well be that there are alternative strategies and one of them may save your home...
I will be happy to respond as I see postings from you. In the meantime, I wish you and yours well, Richard
"There are no problems - only solutions..." |
Edited by - Housing on 01 December 2009 21:54:39 |
|
|
|
TROG
Starting Member
United Kingdom
31 Posts |
Posted - 01 December 2009 : 22:19:11
|
Hi Housing,
We have borrowed alot of money over the last couple of years, most of it to pay bills, living expenses, mortgage etc when work has stopped.
Over the last year there has been less than 6 months work (on and off), I haven't worked since October and there is nothing in the pipeline. Until the work improves we have no way of repaying our debts and for the last year jobs have been too unpredictable, we never know exactly when the work will start and how much work there is going to be so we can't predict what will be in the bank at the end of the month.
We can't see how we can get out of debt with a situation like that and the agencies we have spoken to agree with this. |
|
|
|
Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 01 December 2009 : 22:25:50
|
Hi,
Just to say, I have a mortgage on our principal home and we are getting the interest paid by the DWP - I know that you are on a 12 month mortgage holiday, but if there is no work in say february, then you may qualify for assistance too. I accept that you are looking for work as am I, but in the immediate term, the governments safety net is there to assist. Just another suggestion...
regards, Richard
ps where does the name trog come from? In the 1960`s there was a rock band (well pop band really) called the Troggs - there were OK!
"There are no problems - only solutions..." |
|
|
|
TROG
Starting Member
United Kingdom
31 Posts |
Posted - 02 December 2009 : 19:38:31
|
Hi Richard,
Trog is just a nickname from many years ago, nothing to do with the band I'm afraid. |
|
|
| |
Topic |
|
Hi Everyone, I am new to the forum
