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last45
Posts: 2 Newbie
Hi
This is my first time on the boards. I am meeting with an IP in the morning as I will have to be declared banrupt. My business with the sister has gone bust owing £180,000. My husband is livid and my home life is suffering. We own our home (he has managed to pay off the mortage himself in the last couple of years) house is valued at £75k. My question is can we keep the house? I am unemployed and he is retired. The only good news is that I have a job interview for next week. Also I have daughter aged 6 and I need my car to take her to school and for a job if one comes up.
Could someone explain what I need to ask the IP tomorrow Beneficial Interest and how this can be proved. Thanks for any help.
This is my first time on the boards. I am meeting with an IP in the morning as I will have to be declared banrupt. My business with the sister has gone bust owing £180,000. My husband is livid and my home life is suffering. We own our home (he has managed to pay off the mortage himself in the last couple of years) house is valued at £75k. My question is can we keep the house? I am unemployed and he is retired. The only good news is that I have a job interview for next week. Also I have daughter aged 6 and I need my car to take her to school and for a job if one comes up.
Could someone explain what I need to ask the IP tomorrow Beneficial Interest and how this can be proved. Thanks for any help.
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Comments
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Is the IP helping you with your BR?:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
Is the house valuation correct 75,000?0
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Your beneficial interest is your share of the property expressed as a financial figure, If you go bankrupt the Trustee will want that amount paid into the bankruptcy to pay your creditorsHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Thanks for getting back to me, yes the IP will be helping me with Br. Also the value of the house is correct, it is a small terrace house. My big fear is that my partner will be able to buy out my share or we will lose the house.0
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The trustee will always offer the BI to you or your partner, the question is what the price will be and if your partner can raise the money.Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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