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Compensation and bankruptcy
DaisyDuke
Posts: 42 Forumite
HYPOTHETICAL question:
If bankruptcy occured because irresponsible lending was proven and compensation was awarded. Would this go to the OR?
If the home had been in negative equity and by forcing a sale actually meant the first charge was not paid in full and therefore the second charge would not have recovered anywhere near the amount owed through an IPA.
Is this just life and it sucks or having lost everything in this way is it worth pursuing?
Any opinions welcomed.
If bankruptcy occured because irresponsible lending was proven and compensation was awarded. Would this go to the OR?
If the home had been in negative equity and by forcing a sale actually meant the first charge was not paid in full and therefore the second charge would not have recovered anywhere near the amount owed through an IPA.
Is this just life and it sucks or having lost everything in this way is it worth pursuing?
Any opinions welcomed.
0
Comments
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if the compensation if for something like personal injury you would get to keep it, if it is for damage to your estate (ie loss of money) then it goes to the ORHi, 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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