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| T O P I C R E V I E W |
| douglasdog |
Posted - 27 June 2011 : 15:47:07
Hi, I've just been made bankrupt after fighting it off for a few years, perhaps it's a step i should have taken sometime ago!
My worry is this:
I jointly own my home with my wife. There is £150k on mortgage and drive by value will be around £200k. Clearly they can only claim my share of the equity i.e. 50%
There are several charges behind the mortgage which of course are substantially more than the equity.
Firstly, where will we stand regarding the mortgage? If we continue to keep up payments , will that be unaffected?
Secondly,could my wife make an offer to the OR for my share of the equity? If so, what would be deemed reasonable?
Thanks for any suggestions. |
| 3 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 28 June 2011 : 16:01:52
Hi again,
as you've been declared bankrupt, the local OR office will be sending out correspondence to you which will include a PIQ(preliminary information questionnaire, coloured green)and other documents. As a former examiner, the frustrating thing was not knowing if having made an appointment for someone, I didn't know if they were going to turn up,as for one reason or another people won't call the OR's office. So when you get the correspondence give the OR(or the examiner/case clerk on the letter) a call as they are not ogres, and will appreciate you calling, however it's up to you whether you call or not.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| Bigal4787 |
Posted - 28 June 2011 : 15:53:37
Hi,
In addition to the first charge on the property,how much are the other charges as by the sounds of it, they will put it in negative equity. As regards the charges, are they charging orders resulting from CCJ's, or secured lending by you?
The other thing to consider is if they are charging orders, are they interim or final charges, as if interim at the time of bankruptcy then they will revert to unsecured liabilities, but if final charges then they remain as such.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| Viki.W |
Posted - 27 June 2011 : 16:54:51
Hi douglasdog,
Are the charges on the property in your name? How much are the charges for?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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