Hi,myself and my partner are considering bankruptcy but are in the dark about a few things. 1) how long does the process between the intial petition and the actually declaration usually take? 2) where going to lose our house and as such will be homeless. Will this effect the bankrupty? Will we be able to use a PO box as a contact address? 3) If we stay with freinds in another town will we be expected to travel back to the city we originally lived in to go to court? It would be great if you could clear this up for us! J.
Firstly welcome to the forum 1) after you have petioned in court you will be BR for 1 year and then discharged. Time to wait before petioning depends on the court you live in and how busy they are, most are 4-6 wks wait for a court appointment 2)Do you have any equity in the house or is it in Negative? If you have equity then the OR will want to realise it to pay your creditors, he will likely offer you or a member of your family to buy the equity raher than sell the house. If you have no equity you can buy the Beneficial Interest (BI) for £1 each plus costs of £211 Unless there is a reason (exceptional) for non disclosure of address PO boxes are not acceptable unless No Fixed Abode 3)The court you petition in is normally the one closest to where you have resided the most for the last 6 months, there are exceptions to this so if it far away from where you are now you may be able to argue it is easier to petition in another court.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
myself and my partner are considering bankruptcy
Posted - 03 May 2009 : 08:35:04
