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stressedoutsteve
Starting Member
United Kingdom
42 Posts |
 Posted - 21 June 2009 : 11:52:18
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| Re Crditors Meeting: Hi all, went BR in early may, had Phone interview, all went well. Creitors meeting now due in July. I have listed myex-wife as a creditor for an old debt but as relationship is very poor, expect her to do everything possible to make my life difficult. Fortunatley I really do have nothing to hide and have been 100% honest and co-operative with OR. My concern is that I am self employed so what if she accuses me or fraud,hiding assets or whatever else she can think of, (and she will, can she cause trouble for me? What will the OR do for this type of accusation from an ex-wife? She lives abroad and at time of BR was still named as joint account holder for a bank account and a loan (dating back years from our married life) despite my frequent attempts to get her removed. (bank refused, she had to request removal, I advised her four or five times pre BR to take herself off accounts).I should add that her refusal to sell our joint asset, ahouse abroad is what I have correctly given asthe reason for my BR in the first place. I am just concerned that just when the stress seems to have gone from my life, its about to come back! I have given OR all accounts for last three years and made afull and completet declaration so am really not hiding anything but this wont stop her casuing as much grief as possible. Can anyone advise? thanks. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 June 2009 : 14:04:13
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Hi, I am confused as to why you would have a creditors meeting if you are BR.
Any joint debts will fall back upon your wife. You are jointly and severally liable for them.
The glimmer gets brighter all the time
Jan
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stressedoutsteve
Starting Member
United Kingdom
42 Posts |
Posted - 21 June 2009 : 18:13:47
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| hi jan, dont know! Went BR early May and had phone interview. A creditor I know well has recvd lettr from OR advising of creditors meeting in july complete with proxy form etc.It includes lots of details about my BR and states that the OR does not see any real prospect of realising funds for debtors; but also confirms I am part owner of a property in spain(?)which should fetch around £250K(my half then worth £125k). My BR figure was around £170K all to banks and C.Cards except one loan from a relative and also asmall debt to ex-wife. (n.b. this not paid as agreement was that it would be paid back from proceeds of house sale, which she wont sell, hence BR!Anyway, anyone got any ideas please? am abit concerned. I would also like to know what happens to my equity in this property if OR does not pursue it withinthe 12 months? Thanks Steve. |
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Jane.l
Average Member
511 Posts |
Posted - 22 June 2009 : 09:07:05
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Maybe you have had an IP appointed as there is property with equity involved??
I would say the OR will sell the property to cover the OR & IP costs so there will be nothing left for creditors, is this what he is saying?? |
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stressedoutsteve
Starting Member
United Kingdom
42 Posts |
Posted - 22 June 2009 : 10:50:22
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Hi, not sure about IP as no-one has advised me. OR did say they would try to find one 'to take case on' and I got the impression no-one is keen to deal with foreign property. OR said she expected they would need to appoint a foreign solicitor etc. Are OR/IP costs so high then? There is at least £125,000 equity for me in this property after estate agents fees, as even on a forced sale I would expect the property to fetch around £250,000?  |
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Jane.l
Average Member
511 Posts |
Posted - 22 June 2009 : 11:46:27
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| yes, IP costs in these cases can run into tens of thousands of pounds, it is scandalous that they can charge whatever they like, there are a couple of threads on this forum about people in this position |
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stressedoutsteve
Starting Member
United Kingdom
42 Posts |
Posted - 22 June 2009 : 12:30:23
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| Wow, thats not good. Could theyb really run up over £110K in 'charges' with no way of being Challenged? Still keen to hear from anyone who can advise what will happen to 'my' equity if the OR does not go after the house? Also, does anyone know what happens if they do sell the proprty as in how do they split the remaining proceeds between my debtors? Is it on a percentage basis or largest debts first? Thanks Steve |
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RHB
Senior Member
1159 Posts |
Posted - 22 June 2009 : 14:58:22
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| I don't think there is a 12 month time limit for them to "go after" your house. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 22 June 2009 : 19:15:00
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I'm not too sure what would happen to your equity if the OR doesn't go for the house. Normally the equity would be yours to keep as the OR would declare that she has no interest in the property. If you sell the property while BR then you would have to pay the proceeds to the OR but after that I think it would be yours to keep but am not sure about this.
If they do sell the property any secured loans/mortgages would be paid first and then any excess is normally paid in a pro-rata style. |
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Re Crditors Meeting: Hi all, went BR in early may,
