Possible Bankruptcy But Have Property Portfolio??

nearlyrich

Please remember that this board is for support for people who find themselves in the unenviable position of going into bankrupcy. Nasty remarks are not welcome here and will be removed....

maxmycardagain

Just for DannyBoy.....lol


BTW, Bovis Homes's share price fell from £5 to £3.50 in 2 months, id take up cookery if i was you, folk will always need to eat

witchington

Having read alot of threads on this site Bankruptcy. I have decided with alot of trepidation that it has to be the way forward for me. I am so sick of managing the mess. BUT two of my debts are with the Halifax. Unfortunately that is where I work. Can I have my employment terminated does anyone know. I am not customer facing or deal with cash. It is all very stressful but what can I do.

thankyou

dannyboyracer

Fairplay... share prices have fallen in every other industry though as well... I doubt Mr Ramsay is doing as well as he did tis time 2 years ago either :-)

Although construction is the first industry to be hit in times of recession the main point is construction is our future... without it where are your childrens children going to live?? All you need to survive is shelter, food and your health... pick one of those professions and your set for life.

dannyboyracer

I think that a bankrupt can not have a job in finance - i funnily enough used to work for HSBC whilst being a student and I know it was the case then. sorry. BR is such a tough call, im battling to get all the facts myself

skylight

Witchington - Its usually best to start your own thread as questions can get lost in others!

But your job with the Halifax - as you probably know, they are the most anti-BR of all the banks, so I would check your employment contract first and speak to your union rep or make an anonymous call/email to your HR department and get the information direct. If you are in a FSA regulated role, then you are not allowed to keep it, whether Halifax move you but keep you (if you are in a FSA role) or not will depend on your contract/HR dept.

dannyboyracer

What does it mean when the properties get vested with the OR?

skylight

All interest in your properties become the ORs interest now - the rights of ownership etc.

The problem here is that you mentioned that some properties are jointly owned with others. You are aware that any debt shortfall on those properties will fall directly and solely to the other person?? Not too much of an issue if they are offered and can afford to buy the beneficial interest etc. But would this pose any issues for anyone you have a joint mortgage/property with??

dannyboyracer

Ok, next concern is my business partner, we worked together for a few years and for a while it went well... i showed him the ropes to developing and got him onto the ladder fast, within a year he had about 6 places. If i did go BR i think that the OR would gift the jointly owned houses to him... id like to think that deep down in my heart he would later gift them back as me after being discharged... We started together, we should finish together, in all honesty so long as i wasnt loosing anything myself if the shoe was on the other foot id gift them back to him... thing is weve recently fallen out over money - i basically gave something away which was solely mine but he was offended that i did not offer it to him first!

Is there anyway i can buy the interest back, ive read something about a property conveyancing scheme?

JCS1

Is it a partnership rather than limited company?

If one of the partners is made BR, then the partnership is automatically dissolved. The OR would then write to the solvent partner(s) asking for details of assets at the date of BR order and would look to realise those assets on the percentage defined in the partnership agreement.