hello..help please

Ole20_2

hello all..ive been viewing frm a distance as i raise the funds to go bankrupt following advice from cccs....

i applied for transfer of equity on my property as my ex partner left in september 2007..this has been refused as my earnings have gone much lower than previous..this still leaves my exs name on the mortgage for when i go bankrupt....

my house was bought 12 months ago on 100% mortgage and is in aprox 8-9k negative equity...does anyone know if they will try to take my house wen i declare myself BR? i can afford to pay my priority bills as i have income from my mother who lives with me aswell as my exisitng income and after priority bills onlybudget as per insolvency forms id have approx 200 surplus....

thanks

deedee_3

If the house is in negative equity then the OR will not be interested in it. You will have a chance to buy your BI for £1plus around £250 in costs if you tell the OR that you wish to do so.

Ole20_2

hi, thanks for the response...is that a definite?? its definitely iin negative..i feel i cnt go bankrupt (even though ive no other option) if im to lose the house as the debt will fall on her unjustly and my dependant lives with her....

my option is to go bankrupt but be allowed to keep the house, if personal loans and other debts are wiped through bankruptcy im left with::: ...i earn 1500 circa per month and receive 600 so net i have 2100...my mortgage is 700, fuel 320 due to job, 150 maintenance, bills inc council tax 250 and then my living budget which i think according to ccs came out at around 300.00 per month inc food etc..so in theory would have 400 surplus on the basis someone rents off me which they currently do.....would this be sufficient for me to keep my house?? will they say that someone renting isnt a valid income??

RichOneday_2

You've got too much income if anything.

You are going to end up paying 50% and upwards of your surplus, if that surplus is over £99 per month.

Keeping the house is just a factor of whether there's any equity. No equity - you keep the house if you want to, generally.

Ole20_2

not sure i understand? forgive my ignorance...is it too high because theyd take the 50% surplus?? i cant really change the amount as its been consistent for over 10 months..would look dubious wouldnt it??

my other debts thast i presume will go are.... are 300 unsecured loan, 2 x credit cards 200 per month,unsecured personal loan 130...littlewoods account 100 per month...mobile phone 50.00 per month...

Ole20_2

when i say the amount im referring to how much rent i receive..

RichOneday_2

Once the OR has looked at your income & expenditure and decided what expenses are relevant you will be left with a surplus figure, similar to what you have calculated but different ORs have different ideas.

If that surplus is under £99 you will not pay an IPA payment in to the bankruptcy.

However, once it exceeds £99 you pay between 50-70% of your real disposable income (ie the whole surplus, not just the part above £99) as a monthly payment for 36 months. This obviously continues way after your discharge. The IPA once initiated can be amended for increases/decreases in income/expenditure as appropriate.

Ole20_2

aaggh i get it..thanks

so in theory itd be better to be recieiving less rent?? would the OR not see this as a big coincidence with it changing so near to my BR date??

what happens if my surplus changes up or down during the first 12 months of BR??

Ole20_2

sorry just re read post....

Ole20_2

and sorry to digress but ive spent 2 months not paying bills and am due to enter my 3rd in a couple of weeks...the money ive received ive used as living expenses and am trying to get enough together for the bankruptcy fees,,will the OR want justification of where all this money has gone? i know generically but i dont have specifics ona spreadsheet or anythign? thanks again

RichOneday_2

No, the OR will see that as perfectly normal behaviour in the run up to bankruptcy in my opinion. Nothing to worry about.

Did you say your lodger got whiff of your bankruptcy and decided to find alternative accommodation before he was forced to? I'm sure the OR won't see anything odd in that. And your mum paying you only £100 per month? Well, if thats all she can afford, so be it.