Possible Bankruptcy But Have Property Portfolio??

maxmycardagain

skylight wrote: »

Stern voice here.

"Max......Behave.....Please....."

this is me behaving, you wanna see me when im not....:D:D:D:D:D

dannyboyracer

Hi Pixiepie, cheers for your input, a lot of what you say is correct...

a) I am young, only 28 in fact and got much to still learn.

b) Do have HUGE assets.

c) I have tried to find work but am not really suited to work outside of construction according to many recruitment consultants ive visited, i did however agree with an earlier comment on this thread that i would get the CV out and try again even in jobs outside my comfort zone. I generally work very hard regardless of how it may seem... at present im doing a full time degree, still have a few buildings jobs coming in (just not enough to keep afloat) and also run the 11 properties in my spare time. All 11 properties take some managing when being done so on your own, maintenance, repairs, collecting rents, account, finding tenants, resolving disputes between tenants etc etc).

d) I am an arrogant little f**ker at times but then were not all perfect ;-)

e) Never wanted to drop the debt please read comments during this thread about if im able to keep the properties during BR i can repay my creditors more in the long run and had every intention to repay every last penny.

I value everyones advise and have been constantly thanking people for it, both on this thread and through private messages to them... just because im in the fortunate position that i havent got no car, house, gadgets etc shouldnt be held against me, the only reason why i have all these things is a bit of luck and a lot of hard work so likewise please dont hold this against me either... i mean everything in this reply in the nicest possible way.

So_Sad_Angel

maxmycardagain wrote: »

meant to ask what the status if of property when they are the stock of your business.

if i had a £20K van as a haulier the OR couldnt touch it as a "tool of the trade", but if i owned a house which was let out and i earned my living as a "lettings landlord" it seems the OR could take it and put me out of work....

Thats a valid point Max...if someone were a sole trader with property...but that was your income...then provided that (the business) was breaking even/creating basic income ..then would it be possible to enter personal BR & keep the `tools of your trade` as it were???? not sure on the legal stance/ORs position there.

Just a thought...especially as the OR would make no benefit from disposal of the properties?

dannyboyracer

Well ill be damned, max coming up with some actual use during this thread - it wasnt hard was it mate and its actually a very valid point... right now i am giving you a 2 finger tennis clap as i dont know how to add those little men with wavey hands in the air ;-)

SSA / max, this is exactly what im trying to get at, the properties are in essence the tools of my trade, without them i have no job and no income hence for a while ill prob end up on benefits until i can find work. The interview with the OR a few weeks back concluded with him saying if in negative equity he would have no interest in the houses, the subsequent chats with the mortgage companies after the OR interview concluded with the mortage comps saying as long as the payments where made the properties would continue as is and not get repo'd (as the rents will still be coming in this wouldnt be a prob...) The legal side of thing if no repossesion took place would i assume stay the same, even though these properties would vest with the OR they may very well be returned if no BI is recognised within the 3 year time frame?

Hence the question once more "has anyone gone BR yet with more properties than just their sole residence and been able to keep them"?

peachyprice

Are you already BR Danny?

dannyboyracer

Peachy pie, yes my assets when forgetting the current market condition do outweigh the debt.

And no im not BR yet.

peachyprice

Oh, you said you had an interview with the OR? As in Official Receiver?

Anyway, if your assets outweigh your debts a judge would most likely tell you to go away and sell some your assets to get you out of your current pickle and would decline bankruptcy on the grounds that you are not insolvent. There aren't many reasons they decline, but this is the major one.

And if that happens i don't think you get your fees back!

maxmycardagain

dannyboyracer wrote: »

Hi Pixiepie, cheers for your input, a lot of what you say is correct...

a) I am young, only 28 in fact and got much to still learn.

b) Do have HUGE assets.

c) I have tried to find work but am not really suited to work outside of construction according to many recruitment consultants ive visited, i did however agree with an earlier comment on this thread that i would get the CV out and try again even in jobs outside my comfort zone. I generally work very hard regardless of how it may seem... at present im doing a full time degree, still have a few buildings jobs coming in (just not enough to keep afloat) and also run the 11 properties in my spare time. All 11 properties take some managing when being done so on your own, maintenance, repairs, collecting rents, account, finding tenants, resolving disputes between tenants etc etc).

d) I am an arrogant little f**ker at times but then were not all perfect ;-)

e) Never wanted to drop the debt please read comments during this thread about if im able to keep the properties during BR i can repay my creditors more in the long run and had every intention to repay every last penny.

I value everyones advise and have been constantly thanking people for it, both on this thread and through private messages to them... just because im in the fortunate position that i havent got no car, house, gadgets etc shouldnt be held against me, the only reason why i have all these things is a bit of luck and a lot of hard work so likewise please dont hold this against me either... i mean everything in this reply in the nicest possible way.

self praise is no recommendation

something we agree on at last

maxmycardagain

dannyboyracer wrote: »

(1) Well ill be damned, max coming up with some actual use during this thread - it wasnt hard was it mate and its actually a very valid point... (2) right now i am giving you a 2 finger tennis clap as i dont know how to add those little men with wavey hands in the air ;-)

1. Probably
2. 2 to you too

dannyboyracer

hmmm, i didnt realise that you could be declined bankruptcy.... my prob is id sell if i could but in todays market its near impossible especially when you consider the type of property im trying to shift.

Interview with the OR was just preliminary interview to discuss finances and he suggested BR? Havent gone BR yet though.