bankruptcy help very worried...

arghhh

imustbedreamin wrote: »

just to let you know we have just been asked to get a valuation on our house (nearly 6 months into BR).

it is definatly in negative equity and the or office said it this is the case we could buy back our interest for 1K plus £211 court costs and we would have to pay for a solicitor to act on our behalf.

now obviously this is a ridiculous amount of money to try and find when you are BR but it is an option which is there to get the house back before the 3 yr mark.

im not sure if all offices will act like this but ours did/have.........(valuer arrives today. one step closer to getting the house back:T)

How can they ask you to buy back the interest in the property when there is no equity/interest there to buy back? What if you can't raise the funds will you then loose the house or something?

arghhh

Ineedaname wrote: »

If you get all three you should be able to piece together all your debt info for the SOA. Don't worry if you miss one though as all debts accrued prior to BR are included

I also thought you had to declare them all and anything that wasn't declared could not be added after you file for BR


I had a much better nights sleep last night and I really can't think of anymore questions at present, although I am sure more will pop uo at some point.
I think it's now a case of collating all the info and printing off the forms then sitting down and starting to fill them in, we have already paid the IVA company this month so we are covered till the end of the month now and can't really do anything until then anyway So we have 3 months to save for the BR fees....

Does anyone have a link to a website or a thread on here maybe that outlines the OR's allowances for the SoA? I need to evaluate whether to add in things like the mobile phone contracts onto this and switch to pay as you go.

imustbedreamin

arghhh wrote: »

How can they ask you to buy back the interest in the property when there is no equity/interest there to buy back? What if you can't raise the funds will you then loose the house or something?

i phrase it wrong. you used to be able to buy your interest back for £1 plus £211 court costs but under the new regs this is now £1

if you cant raise the funds then you just wait for the 3yrs i suppose. if there is no equity after that then the or hands it back for free. personally im not going to play that game as i dont like gambling so will try and find the money from somewhere.

arghhh

So it went from £1 to £1000? That's really rubbish if it has, I too would have to try and find the money in that situation but as you say not going to be easy while BR, I can imagine a solicitor would cost a fair bit too, why would you need a solicitor?

I assume if you found the money tho that's it over and done with for you, (unless your in an IPA) and they can't come back within 3 years and try to get you to, worse case scenario, sell your house as there is now equity in it.

aikens

arghhh wrote: »

if it is true that we wouldn't loose the house, we are in about £7,000 of negative equity at the moment, i believe your 'estate' is monitored for 3 years, what if in these 3 years the housing market rises and we are no longer in negative equity? one company has told me that within the 3 years if the house prices do rise they will make us release the equity whereas another has said that because we are in negative equity when we file for bankruptcy the house is dismissed and wont be looked at again. also do they come and do a valuation of your house?

[FONT=&quot]The trustee may have to sell your house to go towards the payment of bankruptcy debts. These also apply even if its lease, alone or jointly owned. Remember if your home is mortgaged and do not keep up payments, the lender can sell your home. You should contact your lender regarding with your mortgage payments and bankruptcy. [/FONT]

arghhh

aikens wrote: »

[FONT=&quot]The trustee may have to sell your house to go towards the payment of bankruptcy debts. These also apply even if its lease, alone or jointly owned. Remember if your home is mortgaged and do not keep up payments, the lender can sell your home. You should contact your lender regarding with your mortgage payments and bankruptcy. [/FONT]

The trustee may have to sell...... Even if in negative equity?

imustbedreamin

doubt it, its not worth anything.

arghhh

Thanks that worried me then, aslong as in neg equity they won't ask you to sell your house is what I understood, am in the process of printing off the forms so will sit down and start to fill them in see how far we get and what happens

kepar

Take your time, anything you not sure of or don't understand, just ask someone on here will know the answer.

arghhh

Anyone know what the allowance is on mobile phones? Both myself and my husband are on contract phones so wondering how this will affect the SoA