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Bankruptcy Queries, pls help me
charliewalsh
Posts: 79 Forumite
I have been speaking to OR and IP to get a grib on bankruptcy as I am seriously thinking of making myself bankrupt and clear my debts.
If my house has an equity of 2000 pounds, jointly owned with husband, does this mean to buy my share is 1000 pounds plus legal cost? Anyone has a first hand experience to share will be grateful. Please help.
I owned a car bought through my employer's car loan scheme - I am still paying for it as I only took out the loan scheme 3 months ago. I bought the car for 6500, with 6000 loan from employer. OR told me that they will take the car away, sold it and the money will goes in the pot to repay creditors and my employer who has financial interest on the car will not get the money from the proceed of the car - my employer will join the list of creditors when I was made bankrupt. I need the car for work - no car, no job. Again, can anyone who has been through such situation, share the experience with me please - I really need to hear it from people who has first hand experience recently. Please advise.
If my house has an equity of 2000 pounds, jointly owned with husband, does this mean to buy my share is 1000 pounds plus legal cost? Anyone has a first hand experience to share will be grateful. Please help.
I owned a car bought through my employer's car loan scheme - I am still paying for it as I only took out the loan scheme 3 months ago. I bought the car for 6500, with 6000 loan from employer. OR told me that they will take the car away, sold it and the money will goes in the pot to repay creditors and my employer who has financial interest on the car will not get the money from the proceed of the car - my employer will join the list of creditors when I was made bankrupt. I need the car for work - no car, no job. Again, can anyone who has been through such situation, share the experience with me please - I really need to hear it from people who has first hand experience recently. Please advise.
0
Comments
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hi charliewalsh - bumping this up.
but also, re the house equity - you would only have to buy back 50% of the equity plus fees to keep the beneficial interest safe.
hopefully someone else can help more with the car question for you.
Donna
BSC #215/No.1 Jan 09 Club0
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