Ask a CCCS counsellor a bankruptcy question

System

vines68 wrote: »

Hi

Need advice on my ex-wife's bankruptcy and effects it has on the house we both own. The property is standing empty and the moment and im still paying the mortgage which is in joint names. I understand that the Official Reciever has applied for a Register of Restriction at the land registry office which they have now obtained.
My ex-wife has also had Purchase order's placed against the property of over 50K. The outstanding mortgage is currently 160K and the property recently valued at 180K.
If after three years of the registered bankrupcty if there is still not enough equity in the property, do the purchase orders in her name get written off or do they stay?
I'm also now considering bankruptcy myself as im paying a mortgage on an empty property just to keep an interest for a bankruptcy that has nothing to do with me. are there any other options for me?
If i did go bankrupt, would i still have to pay the mortgage?

Hi vines68 and thanks for your post.

It sounds like you would benefit from see free and impartial advice. We could look at your situation in detail and see what your options are.

We’d need more information to give specific advice but if you did go bankrupt and stopped paying the mortgage any shortfall on the property could be included in your bankruptcy.

I’d recommend that you call our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm.

If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

I hope this helps

Kind regards

Mat

System

Loan_Voice wrote: »

Hi all,
Lurked for a while, not sure how to use these thread thingies but time to give it go anyway.
First up, a question; Thinking of going BR and would like to know how the OR/ Trustee will treat my expenses. I live with my oh (not married- tried that once didn't like it) who owns the house and has done for over 10 years before I came on the scene. Oh pays all of the bills/ shopping directly with me paying just £600 a month by way of contribution, pathetic I know, but it's over 80% of my take-home pay each month. Soa asks about partners income which we are not prepared to disclose as its me going BR not my partner- so its my income verses my outgoings, will they treat my contribution as an allowable expense at full value? I have read somewhere that if a partner’s income is not disclosed the household expenses are apportioned 50/50 is this right?

Hi Loan Voice and welcome to the forum.

The OR would look at the budget to make sure that everyone is paying a fair share of the bills. If you don’t disclose your partners’ income generally the OR would look towards a 50/50 split of the costs.

When you petition for your own bankruptcy the judge will ask if you have sought any debt advice or other solutions in regards your finances. It’s not clear from your post if you have done this.

We have a specialist team that deals with bankruptcy queries and that can also assist you in filling in the forms correctly for your individual circumstances.

I’d recommend that you give us a call so that we can look at you situation in more detail. Our free Helpline is on 0800 138 1111. We’re open Monday to Friday 8am - 8pm.

If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

I hope this helps.

Kind regards

Mat

David1200

dont wotty 6 years and your back to normal !!

rosie22_2

hi am looking for some help my husband took out a car loan with welcome in nov 2004 only to be made bankrupt in may 2005 he was discharged in may 2008 and its now been 6 years since he was made bankrupt the problem is now with welcome,

on his credit file it is still saying that the loan is active but it was covered in the bankrupticy we have tried to contact welcome but have not heard anything from them since about 2007.

has anyone any advice on what we can do as trying to get credit file back on track so we could maby get a car loan but having no luck because of this

any help would be great

thanks

StepChange_Pavan

rosie22 wrote: »

hi am looking for some help my husband took out a car loan with welcome in nov 2004 only to be made bankrupt in may 2005 he was discharged in may 2008 and its now been 6 years since he was made bankrupt the problem is now with welcome,

on his credit file it is still saying that the loan is active but it was covered in the bankrupticy we have tried to contact welcome but have not heard anything from them since about 2007.

has anyone any advice on what we can do as trying to get credit file back on track so we could maby get a car loan but having no luck because of this

any help would be great

thanks

Hi rosie22 and thank you for your post.

He would need to speak to the original creditor in the first instance. If he’s not getting any joy there, he could contact the Information Commissioner. Pages 19 onwards of this credit explained booklet.

He could also try contacting his Official Receiver to see if he can help in any way.

I hope this helps.

Kind regards,
Pavan

jrs52

Hi,
I currently run a franchise as a sole trader and the HMRC are threatening me with bankruptcy due to unpaid tax.
I registered a Ltd company approx 12 months ago with the intention of using it for my franchise with me being a director.
My partner is also a director.
The company is not trading at the moment.
My question is,
If i ceased being a director and my franchise was passed over to my partner and Ltd company and I became an employee with a low wage would the receiver be able to touch the earnings of this company or the money withdrawn by my partner as dividends?
Would I also be able to be able to use a company credit card as an authorised user and be able to sign cheques?

System

jrs52 wrote: »

Hi,
I currently run a franchise as a sole trader and the HMRC are threatening me with bankruptcy due to unpaid tax.
I registered a Ltd company approx 12 months ago with the intention of using it for my franchise with me being a director.
My partner is also a director.
The company is not trading at the moment.
My question is,
If i ceased being a director and my franchise was passed over to my partner and Ltd company and I became an employee with a low wage would the receiver be able to touch the earnings of this company or the money withdrawn by my partner as dividends?
Would I also be able to be able to use a company credit card as an authorised user and be able to sign cheques?

Hi Jrs52 and welcome to the forum.

I recommend that you speak to Business Debtline regards this issue.

I hope this helps.

Kind regards

Mat

MrsSmitch_2

Hi,

After much discussion, my husband and I are planning to declare ourselves bankrupt. We are currently in an IVA which is failing as we have been unable to make the payments for the last 3 months. We have £60,000 worth of debt in the IVA which is both individual and joint which has accrued after university, purchasing a house at the wrong time and starting a family.

We own a house which is currently about £20,000 in negative equity. We have been renting it out for over a year and a half as we moved for me to take a job but we are now planning to return to our house for my husband's job.

My questions are as follows:

1. Will we be able to keep our house?
2. I am due to return to university in September to train to be a teacher - will I be allowed to do this and if so, will I be allowed to apply for funding from the student loans company?
3. If we declare ourselves bankrupt now, are we allowed to change our situation? For example, we currently only use childcare for one child part time but would need to place both children in childcare full time in September.

We are trying very hard to start a new life for ourselves and our two children but I am terrified of going into the bankruptcy without being aware of all of the cold hard facts. Any advice would be gratefully received.

Many thanks

andyben

Hi All

Could anybody offer some advice on the following please.

I got into a lot of Financial trouble back in 2007/2008 learnt my lesson the hard way.

I have a charging order on my home i had to go to court for it but the question i have is should they have done this as the Mortgage is in joint names and the debt i have is in my name only.

The debt was for 11k and i have been paying it since then to which i owe approx 7k

Is the above correct

Regards

Andy

vanmanmate

hi all,
currently going for an iva. been told to make token £1 payments on all credit cards. what do i do about unsecured loans?