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bearsndogs
New Member
51 Posts |
 Posted - 26 October 2011 : 12:31:12
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It now looks as if house will be sold. However, the possible sale price is considerably lower than the property was originally marketed for. Consequently, there will be a shortfall in the amount of equity left for paying off the bankruptcy, most of which now seems to be made up of Trustee's fees (I have no idea why a Trustee was appointed in the first place anyway - surely it could have been left with the OR!). Perhaps someone could answer that for me too!
As I've said before, hubby is NOT bankrupt, so after the mortgage, solicitors' and agents' fees have been paid, along with a couple of outstanding utility bills, I am assuming the remainder is divided equally between, with my share going to Trustee.
What will happen therefore in respect of the shortfall?
Thanks.
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 28 October 2011 : 09:56:36
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Hi bearsndogs
Your bankruptcy would have been transferred to a Trustee as there was an asset involved, which need dealing with. That is alas why there are Trustee's fees.
I am assuming the house was in joint names between your husband and you and that he was unable to raise the finance to buy your share. If this is the case and there is a shortfall in the sale of the property, the mortgage company, or any secured lender, is at liberty to chase your husband for any shortfall as he is not bankrupt.
All the best.
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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bearsndogs
New Member
51 Posts |
Posted - 28 October 2011 : 10:23:08
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The mortgage is not the subject of the bankruptcy - it's always been paid up to date and no other monies are secured on the property. Unfortunately, it was a credit card company (or rather, one of their "henchmen"!) who petitioned for my bankruptcy and which was nothing to do with hubby. I am aware that in divorce cases, the remaining equity is shared between the two parties, so that if one party, in this case me - no we're not getting divorced (well, I hope not anyway!!) has debts or is bankrupt, then that share is offset towards the bankruptcy/debts. Hence my query regarding the shortfall. Surely hubby would not be chased by the creditors for my debts, when they were nothing to do with him. In any case, there would still be insufficient monies to cover the bankruptcy.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 October 2011 : 12:45:00
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The Trustee can only take your share of any equity. If there is not enough to clear your debts in the bankruptcy they can't chase your husband for any money.
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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bearsndogs
New Member
51 Posts |
Posted - 28 October 2011 : 14:16:27
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Thank you so much. That's all I needed to know.
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Shortfall
