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moiz.bi
Starting Member
2 Posts |
Posted - 18 December 2009 : 16:40:03
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I own a buy to let property which has 65k equity but is in a company name whose shares are owned by me, and I also have a charge over a property owned by my brother which is worth about 70k, now I am being persued for BR by one of my creditors for £3200, any idea how OR will treat the matter, will they kick out my brother to realise the charge etc. |
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RHB
Senior Member
1159 Posts |
Posted - 18 December 2009 : 16:47:24
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Can't you pay the debt & avoid bankruptcy because it looks as though you have a lot to lose!? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 18 December 2009 : 16:52:23
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Hi
have you been served with a Statutory Demand yet?
You clearly have a lot to loose and the details re the house with your father / brother will need more information regarding their position , however it is likely that if made Br the house would be sold to pay upir debts from your share of equity.
You need professional advice and a plan to steer yourself through the situation - keeping the creditors happy but not loosing all of your assets.
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com
Real People ..... Real Debt Solutions |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 19 December 2009 : 13:33:00
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Hi,
I missed this posting the other day.
I think you are best advised to see a financial expert as soon as you can.
There are some good ones that post on this site and one of them has already replied.
Clearly, you have a lot at stake and I would imagine, with the correct planning and advice you could avoid BR and losing all as a result.
If you have already been served with a statutory demand by one of your creditors, the time is already ticking - you have only 21 days to put in an objection to the county court seeking the matter to be set aside. If your creditor knows what they are doing, then there may not be any reasons for the matter to be set aside.
I wish you luck and would be happy to give any advice within my remit, but really it is someone like Paul (already posted) or Melanie from Jones Giles.
Richard
"There are no problems - only solutions..." |
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