On the subject of bankruptcy - few questions

livilou

hi there,

is anybody out there who can offer some advice been throuhg similar experience.

hubby declared bankrupt in feb this year - not due to us spending unwisely - failed business, etc.

anyway few questions

1) what happens to county court judgements when you are declared bankrupt - do they get included and become written off?

2) what happens if there is a charge on your house does that remain?

if anybody has been in a similar position I would appreciate a chat, our hous eis jointly owned and I am hoping to buy hubbys share of house to keep pour home as we have 2 small children .

just can't seem to get definitive answers from anybody, spoke to national debtline yesterday and they frightened the hell out of me and now have me worried that things are worse than I thought.

thanks for any information.

xxx

file_wizzard

Will attempt a quick answer, However I am sure on of our experts will be along soon !

(1) I belive they would be ( crown debts may be different though )
(2) with a charge in place you would not be able to transfer / sell the house without their permission ?
(3) if you did transfer the house then the official receiver would see this, not sure what the implications would be., I take the funds you would pay to your husband would not cover his debts ?

try posting to http://www.debthelpuk.co.uk/cgi-bin/yabb/YaBB.cgi?board=DHUL

lots of knowledge there

livilou

thanks file-wizard,

the transfer of the house is being handled by the insolvency people so will all be above board, but the sums involved are minimal as there really isn't much equity - well hardly anything , certainly not enough to cover the charge.

thanks for your reply

x

Loretta

livilou wrote:

hi there,

is anybody out there who can offer some advice been throuhg similar experience.

hubby declared bankrupt in feb this year - not due to us spending unwisely - failed business, etc.

anyway few questions

1) what happens to county court judgements when you are declared bankrupt - do they get included and become written off?

2) what happens if there is a charge on your house does that remain?

if anybody has been in a similar position I would appreciate a chat, our hous eis jointly owned and I am hoping to buy hubbys share of house to keep pour home as we have 2 small children .

just can't seem to get definitive answers from anybody, spoke to national debtline yesterday and they frightened the hell out of me and now have me worried that things are worse than I thought.

thanks for any information.

xxx

Contact Gill Hankey
Bankruptcy Advisory Service
on
01482 633034/5

She is the expert and you need all the help you can get

You pay £25 a year and it is the best advise and help you can get

trencherpilot

First of all, I sympathise as my wife had the same thing happen to her in March.

Get a valuation on the house done, and then make the receiver an offer based on the valuation and the mortgage/ Debt secured on the house. We are fortunate in the fact that we are doing up the house we bought in 2003 and it is suffering from neg equity at the minute and as a result if that happens you pay £1 for your partners share plus the receivers fees.

As for teh ccjs, couldn't tell you, didn't let it get that far. But it obviously has knackered my wifes credit rating, but check yours as it SHOULD NOT BE AFFECTED!

Hope this helps

Trencherpilot

johannamse

Loretta_Tucker wrote:

Contact Gill Hankey
Bankruptcy Advisory Service
on
01482 633034/5

She is the expert and you need all the help you can get

You pay £25 a year and it is the best advise and help you can get

Please do not do this. You should not pay for information like this. I am no expert but I have seen people on here suggest that you can ring the Official Receiver or I am sure the actual Court could answer. Ring anonymously. Good Luck.

livilou

thanks johannnamse

hubby will ring official receiver today, I'm just so impatient and want answers asap to stop me worrying!!

thing I find funny is that since hubby has been made bankrupt he has never had so many offers of loans etc in the post and even credit card offers from companies he has debts with???? think they need to update their mailing lists!!!!
thanks again
x

earthboundboy

Since we've had financial problems (specifically our Egg CCJ) we've had umpteen offers through the post for mortgages with 'specialist' lenders who will 'help you out' with further borrowing.

One might wonder whether Egg get any profit directly out of selling these companies our details. Should this be allowed?

Anyway, sorry for digressing from the main thread, it just occured to me. Best of luck with your situation!

trencherpilot

Go to the receiver or a bankruptcy practicioner, they are in the Yellow Pages. Charge nothing for advice. Most things though, the receiver will help. DO NOT PAY for debt councellors etc... waste of time.

pug_in_a_bed

Your receiver will answer any questions you have normally. I had absolutely loads after I declared and mine was really helpful. Just give them a call and make a list of questions before you do so.