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doncastergaz
Starting Member
United Kingdom
2 Posts |
 Posted - 19 December 2009 : 00:27:41
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hi everyone,heres a rundown of my situation !!
have quite alot of unsecured debt,around 15k
i also have my mortgage 54 k
secured loan 21 k
i was made bankrupt over a 4k debt to a loan company that i was disputing on monday,my head is a little all over the place
1) i can pay my mortgage and sec loan and have no or negative equity in the house ie value of house 70k debts sec on it 75k plus the fact council want there discount back if i sell within 5 yrs,another 24k
2) me and my partner have been pretty useless with money over the last 5 years and its all ended up in this mess !! my main worry is the house having a partner and 3 kids i dont want to lose this,iv eread all about buying my negative share back and this sounds too good to be true,i simply thought as i was bankrupt th or will sell the house and leave me with more to pay off than when i started !
3)not sure when to expect contact from or and when he will sieze my bank accounts,the order was passed by the judge on monday dinnertime
4) when the or goes through everything and finds i cant afford to pay my debts and ive no assets or equity what will his next move be,to take payments from my wages ???
any help greatly appreciated ,cheers guys |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 19 December 2009 : 10:10:33
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Hi gary
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welcome to the forum, sorry to hear about your situation
sorry to be rude but you have really left it late to have these questions answered as the OR now controls your estate and finacial affairs
Did you attend court ?
The good news The OR will not just kick you and your family out of the house, they will measure up value, costs to sell cost to rehouse you, amount of equity etc... one of the experts on here housing will be able to assist with hints but it will all be done in slow time anything upto a year.
was your partner also made BR ?
I am not certain on time frame but if the petition was made as you say by the other side you have a few days to compile a report, similar to statement of affairs and return it to The OR
The OR will then ask you into his office for a discussion about the situation.
with the debts that you have it may be appropriate to stay bankrupt and make a fresh start, point 1)if the house is sold it may (BR) include the council repayment.
2) the question that you have to ask in relation to the house is if you do keep the house ther mortgage payment will be included in your statement of affairs but the secured loan will more than lightly come from your disposable income. that may put you in a more financially worse position than you are already. IF you stay BR most if not all of your debts will be included, their are exemptions but from what you have written not appropriate
4) you will be asked to provide a financial breakdown of your (and partner) lifestyle, the OR has set allowances that you can claim for. they will then allow you £90 disposable income after the essential bills have been paid what is left after this amount is divided between you and the OR
I am also aware that you have the right to have this court case appealed or the bankruptcy annuled but it would cost you 4K, ie payment of the debt.
as i say you may have left it too late to properly plan but if i have not explained situation clearly post back and i will add further
good luck Richard |
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debtinfo
forum expert
2826 Posts |
Posted - 19 December 2009 : 10:20:02
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| Actually if he wanted to annull the bankruptcy he would have to pay all the unsecured debts plus the costs of the bankruptcy so looking at about £18K. As long as the mortgage and secured loans aee reasonable they will be allowed as reasonable expenditure. The key thing to look at when trying to remain in the property is whether he can afford the payments, if he can then keeping the property is fairly straight forward if in negative equity |
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doncastergaz
Starting Member
United Kingdom
2 Posts |
Posted - 19 December 2009 : 13:03:30
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"with the debts that you have it may be appropriate to stay bankrupt and make a fresh start"
i dont understand when you say stay bankrupt,i thought i am bankrupt,yes ive left it late to seek advice but thats me all over,sorry
i was declared bankrupt on monday 14th and still have no letter or call from the or,im dreading it as when he looks at things he will see we have had problems paying the sec loan in the past and recently so he may just want to take everything from me im not sure,the mortgage and sec loan are in mine and partners name ,i just wish he would write or call (the or) just so i know whats going to happen,i forgot to add ive got a suspended eviction notice on my home from mortgage but arrears are being paid in accordance with this aaaaarrrggghhh
it never rains it pours ! |
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RHB
Senior Member
1159 Posts |
Posted - 19 December 2009 : 14:12:43
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| I think of you are struggling to pay mortgage & secured loan you are in a worse position but all is not lost if you can demonstrate that you can pay them. |
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debtinfo
forum expert
2826 Posts |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 19 December 2009 : 17:14:04
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I agree with contacting the insolvency people but i would be email an expert before i speak to them.
yes the 18K not 4K not reading initial text thoroughly enough
Gary, probably like all of us when initially lifting head out of the ground may feel dizzy or confused and accidently leave part of his version of events out of the equation. I found that by having to write my whole version of events out and then explaining to a 3rd party, i made it sound clearer to understand.
The hole is deep enough without digging yourself any deeper.
regards Richard
regards Richard |
Edited by - Richard P on 19 December 2009 17:15:36 |
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hi all,bankrupt 14/12/09
