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Posted - 16 May 2009 : 20:24:09
I will have to file for bankruptcy and have only one asset, a studio flat that is let out. If I could sell it now, in this market, after the mortgage and capital gains tax, there would only be about 10k. How would it be viewed if I sold it now, before the BR and paid off some debts with the 10k (particularly family debts) ? I don't want to do anything that appears underhand, but the OR will take the flat anyway and probably sell it for even less than I could, if I don't sell it first. |
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| gettingoutofdebt |
Posted - 16 May 2009 : 22:35:56
If you sell the flat and use the proceeds to pay of debts then it will be viewed positively provided you don't show any favouritism to any creditors. If you use the money to pay of family debts, as you have mentioned, and don't pay any loans/CCs then this could be frowned upon.
Having said that it you could plead ignorance and say that you didn't know that you should have paid each creditor a fair percentage and probably just get a slap on the wrist rather than a BRO although this would depend upon the OR, the amount of debt you have, how far you are behind with payments on your creditors, etc. |
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