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| ian_s |
Posted - 19 July 2008 : 00:55:33
Hi,
I have a few questions and would be grateful of any help, I am wanting to declare myself bankrupt as I have unsecured debts of around £40,000 and im currently in a payment plan which seems to be getting me no-where and not really clearing the debt. I do however feel that I may have an issue due to the fact I did (10 months ago) half own a house with my parents which had to be sold due to family difficulties. There was equity in the house of around £60,000 however none of this was mine, it was my parents money and i was paying a mortgage on the rest of the house. Once sold this money was passed back to my parents.
Is this going to cause me a problem?
Thank you for reading, I hope someone can help me.
Ian
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| 5 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 19 July 2008 : 11:12:56
This is a fairly complex area, and one which cannot be properly discussed on a forum without reference to the full facts of your case and documentary evidence. Even in an IVA this trasaction would have to be dislosed, and the money properly accounted for, so I would certainly recommend that you seek appropriate professional advice before declaring yourself bankrupt.
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 |
| Ian Richards |
Posted - 19 July 2008 : 11:00:35
Hi Ian
Unfortunately no there inst anything that you could do about it, unless you wait five years!
You could have a chat to Melanie, she's an IP on here, or if you want to contact me then feel free.
Ian
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| aaron133 |
Posted - 19 July 2008 : 10:34:40
However I think you misinterpreted the power of my questions. I'm simply looking for a petite first hand practical in series from local folks and more experienced travelers, because it will be a brand new experience for me. I definitely never obscure anything about how present or cultured China is. There is no need for sarcasm or argument.
__________________________
aaron
Debt Consolidation
aaron rao |
| ian_s |
Posted - 19 July 2008 : 10:34:36
Hi Ian,
Thanks for your reply. The property was in all 3 names so yes i guess it would be atound 20K they would be after.
Is there no way around this as I did not get any money from the sale of the house?
If my only option is an IVA then I will have to look at that. Who is the best person I could ask for help with that?
Thanks |
| Ian Richards |
Posted - 19 July 2008 : 08:57:00
Hi Ian and welcome to the forum.
It a nutshell, yes if you were contemplating Bankruptcy! You have passed on an asset bellow its true value and the (OR)Official Receiver would be looking to get your share of the profits back. If the property was jointly owned by you and your two parents then the OR would be looking for one third of the profit i,e £20k!
However you could possibly look at an IVA which you could pay over a five year period. The previous sale of your property would not be affected.
There is an IP (Insolvency Practitioner) on here that maybe able to help you with this.
Ian |
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