Finally Bankrupt

desmonds

Hi,

Just to inform you all that I am now BR and the day has been and gone.

It was not as daunting as I expected......never saw the judge! and made a 5 min phone call to OR after the judge had stamped my BR petition.

I have already been interview by someone at the OR office who went through the SOA(Debtors Petition).

They make a report which I signed and the report goes then to the OR to be looked at.

An IPA was mentioned but because of the compexity of my circumstances, being, that all debt in my name and none in my wife's, all unsecured debt, 3 year old boy, and a mortgage that is almost 90% of my income

It's one thing freeing up income by getting me to downsize but another thing if my wife says she is not prepared to sell the property which is half legally hers.

She has every right to stay where she is as she is not the bankrupt and has no debt at all apart from the joint secured mortgage.

They could however cut the costs down the middle and suggest me pay an IPA on my share of the household expenses and leave my wife to provide the other half of he house costs which is her entitlement to do.

It seems that the law is not that cut and dry and very open to interpretation

Whatever is decided I may end up having to seek advice from a solicitor because i'm sure not everything that is decided is 100% above the law and that some decisions made by the OR are successfully challenged in a court of law.

I just hope all goes well

Desmonds

cattie1

it sounds like an awful situation to be in, especially with a 3 year old your gonna need your home, good luck with everything, i hope it all turns out right in the end.

CLAPTON

is there any equity in the property that you need to realise?

desmonds

CLAPTON wrote:

is there any equity in the property that you need to realise?

There is very little if no equity in the house.

Two 3 month old valuations show that there's 8k in equity but houses on my estate are taking over a year to sell and when they do sell sell for less than the asking price.

If there is 8k of equity then 50% would be 4K which would need realising.

desmonds

Mike_St_Helens

Hope all goes well Desmonds, I file 03/11....

Good luck mate