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 bankruptcy postbag for august
 if i cant raise the amount they want

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stella Posted - 23 August 2008 : 17:30:52
i was discharged from bankruptcy in june but i still owe the creditors £5,476 + £15,699 in fees to the trustee. does this have to be paid and will they take my house if i cant raise the amount they want
15   L A T E S T    R E P L I E S    (Newest First)
Needafriend Posted - 24 August 2008 : 08:01:44
Good luck Stella,
You are amongst friends here and we all want whats best for you.
Take a deep breath and think " Sod it" as lifes too short, get on the blower, leave John a message and get your life back on track.
Please take care Stella, you know where we are. :)

"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
John Posted - 23 August 2008 : 22:18:21
Hi stella

as Jo says, if you'd like a one to one chat just call the helpline and leave a message, name, contact number.
Being B/Hols it may well be Tuesday before I get back to you but I'd be only too pleased to call you then.

0800 078 9367
Needafriend Posted - 23 August 2008 : 22:08:09
Hey Stella,
Dont be silly you wil get there. Air your frustrations on us, thats we are here for.
I know its hard but there has to be a way round it, have you called one of our other experts like John, he may be able to advise more over the phone.
Dont give up, I know I may sound like a complete nutter, well I am,No seriously when your on this site just think of us a one big family, we are here to get you through this.
I have had moments where I could give up but this site gave me hope, now let me pass on my hope to you.
Please take care
All the best

"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
stella Posted - 23 August 2008 : 21:35:29
..........and if offered a Voluntary charge on the property + monthly repayments to the council before it went to court
This wasn’t told to the judge at the hearing looking back I should have had legal advice at the time
I don’t know if it will make a difference if I appeal also I don’t think I ‘d get legal aid so I could end up with even more debt
I’m off now to look for a bridge
Needafriend Posted - 23 August 2008 : 21:28:22
Ah Stella
I think we all understand now. Good luck in all that you do, any more questions dont hesitate to ask them.
Take care

"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
stella Posted - 23 August 2008 : 21:23:57
Your right I did not make myself bankrupt I was bankrupted by Sandwell mbc for council tax
Which had not been paid for 10 years even though I was on benefits at the time . I hadn’t completed the necessary council tax rebate form . The council didn’t tell me any of this
It wasn’t until I got a letter form their solicitors giving me until end of month t0o pay in full
I knew I was in debt
I have no assets except the house if I lose that me my husband the 2 kids dog & cat are homeless
So not only am I up the creek paddle less but my boat’s leaking as well
John Posted - 23 August 2008 : 19:57:55
Hi indy

I think you posted as I was writing my 2nd short post, but yes I'm with you there. The trustee would not normally allow his fees to remain outstanding which suggests there is clearly sufficient equity to redeem all and the trustee has known this all along.
The trustee must only look to the property when all other avenues are exhausted.

0800 078 9367
Needafriend Posted - 23 August 2008 : 19:42:09
Hey Indy
This makes it a bit more complicated as its unusual for us to maybe see a Bankrupt that has been made bankrupt by the Credit companies.
We tend to see mainly the debtors going ahead with that option so as John said it may be a different kettle of fish as it works slightly differently.
At least we are all learning something new with each new reply and question. LOL
Take care

"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
indy2005 Posted - 23 August 2008 : 19:35:08

When you say debts written off, do you mean the 5K or the 16K of fees also? I cant imagine a trustee writing off there fees?! I thought that in the disposal of assets the trustee would be the first to take their cut?


John Posted - 23 August 2008 : 19:34:01
Hi again all

I should have added that the trustees fees being outstanding lends me to believe there is indeed sufficient equity in the property.

0800 078 9367
John Posted - 23 August 2008 : 19:32:07
Hi all

reading between the lines it sounds as though stella was made bankrupt through a creditor's petition, not a debtor's petition.

I have presumed that stella is saying that since she was declared bankrupt and for whatever the amount was, the trustee has been able to realise monies from the estate to satisfy almost all creditors. At this point, having been discharged since June, the trustee has advised stella during the course of general communication that there is now only £5,476 owed to creditors.
In addition, and on top of the original debt, the trustees fees now stand at £15,699.

If there were no more assets then these debts would be written off. As it is there is a property to deal with which may have sufficient equity to redeem these debts, or, there may be other means by which stella could repay the debts.

If this is the case then stella will have paid 100p in the £ toward her debts AND paid trustees fees.
Which entitles her to apply for her bankruptcy to be annulled.

The OR has 3 years to instigate the sale of a property if it becomes necessary which is why the OR could wait until May 2010 before taking action.

0800 078 9367
soscared Posted - 23 August 2008 : 19:22:55
sorry but me being a complete novice and addicted to this site i do not understand any of this.

do you have to pay fees above the normal bankruptcy fee to go BR. ? do you have to pay for the OR and a trustee if there is property involved.

does this apply if your property is repossessed. my mortgage is £73000.. and valued at remortgage value last sept £87000.00 but would not get that value today. so when repossessed with the missed pymts interst and charges i presume this all gets taken into account when building society finally sell it....if they dont get the money back then the shortfall is included in the soa and bankruptcy but if there is equity is that delt with by the or and distributed to the creditors
indy2005 Posted - 23 August 2008 : 19:10:05

Sorry to hijack, but this has me worried now too. How can you be discharged from Bankcruptcy owing the trustee thousands in fees? It seems to negate the purpose of going BR?


Needafriend Posted - 23 August 2008 : 18:58:05
Me too Mark,
Its quite a bit to take on board. There are so many scenarios as you say and like life nothing is straight forward.
Hope John or someone can give us a bit more info on that.

"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
John Posted - 23 August 2008 : 18:03:14
Hi stella
If there is equity in your property then the trustee will require sufficient monies are realised from the property to settle the monies outstanding.
If there is insufficient equity now they may wait until May 2010 before commencing the process.

0800 078 9367

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