Found out today i have been made bankrupt HELP

pickle2467

Hi Tigerfeet, i spoke to business debt line today and they were very helpful, thanks for that advise. They said the OR is most likely to want the house due to the equity i have in it.

My brother is considering taking out a buy to let mortgage to cover my mortgage and the OR interest and fees in the hope to get the bankruptcy annuled.....i then rent from my brother to cover the mortgage until such time as i can buy it back.........still looking into it all, not sure if it can be done or if its viable yet

Thanks for all your input tigerfeet

pickle2467

blind-as-a-bat wrote: »

You may well get several letters from companies offering to 'help' annul your BR

DO NOT USE THEM

You really need professional legal advice from a reputable law firm on this one.

You should be able to raise the money from your equity, though it won’t be easy, and doubt you can do it on your own.

But there are a lot of sharks out there now waiting to rip you off so you need to be very careful who you choose to help

thanks for that advise, very helpful I did get something in the post today, amazing how fast they work, bankruptcy order on 16/10/09 postal strike and still vultures landed on my door mat to feed of the carcas

pickle2467

debtinfo wrote: »

Hi Pickle, Is the property solely or jointly owned, If it is solely owned then the Official Receiver has control of your assets and so you cannot remortgage to get the money. If the Property is jointly owned then the none bankrupt person can raise money against the property. Other options are to secure the debt to the satisfaction of the court with an IVA. You should go see an Insolvency Practitioner as they will have contacts where you can do this. How much did the HMRC debt turn out to be after the redetermination

Thanks debtinfo

The property is solely owned

How do i tell the difference between the rip off merchants and the real mc coy. is there a governing body or affiliate that i should be looking out for?

Hope you dont mind me asking more questions

tigerfeet2006

Glad BDL was useful to you Pickle. Hope you can sort something out quickly with the house.

pickle2467

If i dont find any help financially and the OR wants the house how does it happen

Do i find a buyer and pay the OR
does the Or reposses and then auction

if the house sells for more than the mortgate and total debts and OR fees etc what happens to the difference, does that come back to me or do i just kiss goood bye to the whole lot???

blind-as-a-bat_2

pickle2467 wrote: »

thanks for that advise, very helpful I did get something in the post today, amazing how fast they work, bankruptcy order on 16/10/09 postal strike and still vultures landed on my door mat to feed of the carcas

Bankruptcy protection fund by any chance:rolleyes:

If so they, according to there last accounts return to companies house, are ledger book insolvent themselves:p

Sorry i can not answer your other question, i had no property or assets, so had no issue there, sorry.

All i can say if you do find anyone is read the small print carefully, and if in doubt ask on here, we are not experts as such, but we have seen just about every con going, so may be able to help.

I know debtinfo is in, or connected to, that sector of the industry, so maybe they can help point you to someone

Just glad you read my post in time, the last person that answered one of those letter's lost everything, by the time she posted here it was too late for me or anyone else to help

pickle2467

blind-as-a-bat wrote: »

Bankruptcy protection fund by any chance:rolleyes:

yes it was the bankruptcy protection fund ltd based in manchester

blind-as-a-bat_2

How did i know :rotfl::rotfl:

blind-as-a-bat_2

pickle2467 wrote: »

If i dont find any help financially and the OR wants the house how does it happen

Do i find a buyer and pay the OR
does the Or reposses and then auction

if the house sells for more than the mortgate and total debts and OR fees etc what happens to the difference, does that come back to me or do i just kiss goood bye to the whole lot???

Sorry missed that bit, but yes it will, so at least there is that.

the trick is to make sure the OR, but more importantly a private IP, dont swollow up whats left

pickle2467

blind-as-a-bat wrote: »

Sorry missed that bit, but yes it will, so at least there is that.

the trick is to make sure the OR, but more importantly a private IP, dont swollow up whats left

so if i do decide to go down the dreaded road there is a possibily that not all is lost

sorry not learnt all the abbreviations yet what is a private IP?