Bankruptcy Question

GP2012

I have a quick question about bankruptcy and how it will affect me renting a property! Will the OR be able to state how much I would be able to spend on renting a property or if I am already renting would they make me move out?
Thanks

tigerfeet2006

Welcome to the board.

As long as you are living in a property that is the right size for your needs ie: you are not a single bloke living in a five bedroom mansion. Also you are paying an average rent for the area you are living in then the OR will have no concerns.

Are you in rented accomodation now?

GazHatesBanks

Hi GP,

From the OR's perspective it just needs to be reasonable for your needs.

So for example if you are a single person, then it is reasonable to assume that a standard (not luxury) one bed flat (or similar) would be enough - you might run into difficulties if you tried to claim an allowance for a 2 bed+ property unless you could justify it to the OR.

Ideally you will need to be renting before going BR as finding a place to rent is easier pre BR (due to the credit checks).

GP2012

Thanks for the replies! If I do have to apply for bankruptcy once I have sent my application to the court what happens next? Also once you have submitted the application will i still be chased for the debts?
Thanks

fermi

Usually you just make an appointment with the court and then you take in the forms, fees, etc and everything is done on the day. There is normally no "putting in an application and waiting". Saying that, there can be a wait for an appointment, so would be wroth ringing your court to see what they do and how long you usually have to wait.

Once you go BR then you should not be chased for debts once creditors know of the BR. In practice you sometimes are though, but all yiou need to do is give details of the BR and refer them to the Official Receiver. You just refuse to engage further than that as it's no longer your responsibility.

GP2012

Thanks for all your replies - I have been ringing round all morning for places but have been getting a resounding no because we have 3 large dogs! I am beginning to panic!

Also doing some quick calcs today our property has been valued at £245 we have approx £208 on the mortgage plus a 15k secured loan. The mortgage is in mine and my brothers name and my long term partner has got a deed where by when we sell the property she will be entitled to a 3rd - do you think it would be likely we would be forced to sell?

PippaGirl_2

Sympathise, pet friendly rentals are few and far between ime.

Sounds as if the OR might seek your interest in the property which someone else could buy out so the OR could be given that money by someone else if someone else would do that for you. Possibly your brother might increase his share that way? If that were possible then as long as your expenses were reasonable in living there the sale might not be forced.

GP2012

Thanks everyone for your replies
So what will happen if we can't get a rented place before BR?
Also what will happen to our beds and sofas I am reading conflicting info on some websites - we took the bed and sofas out on finance nov 2011 and jan 2012 can they take them off us?

dojoman

Have a look here it will answer a lot of your questions:)

https://forums.moneysavingexpert.com/discussion/1056083

PippaGirl_2

GP2012, if you can't find a rented place - legally the council do not have an obligation to house you as you have technically made yourself (intentionally) homeless due to not paying your bills. However most will assist you in your search. I've not heard of people not managing to find somewhere, though it may not be an ideal size/area/condition.

Sofas and beds, what do the T&C's say?

GP2012

Thanks again I will have a look at the link supplied and dig out the t&c's

One more question (sorry) regarding getting a valuation on my property zoopla and a local estate agent have valued miles apart, where would the OR get their valuation from? Also I need to get professional advice about my situation before I do anything rash - who are the best people to talk to? Thank you all.