Charging Order After Bankruptcy

justin2010

Hi,
We think our OR is about to release our proprty after our Bankruptcy but with a charging order for the equity. My question is when we come to sell our property, who is responsible for the Estate Agent and Legal fees? Is the charging order for £5k less than the equity or do we just pay what we can on the Charging Order and include the shorfall within the bankruptcy?

Thanks

antrobus

justin2010 wrote: »

Hi,
We think our OR is about to release our proprty after our Bankruptcy but with a charging order for the equity. My question is when we come to sell our property, who is responsible for the Estate Agent and Legal fees?

You are, I believe, as the 'costs of sale' will already have been taken into account when the OR calculated the value of your interest in the property.

justin2010 wrote: »

...Is the charging order for £5k less than the equity or do we just pay what we can on the Charging Order and include the shorfall within the bankruptcy?

The charging order will be for whatever amount it states, i.e. that is the amount that will be deducted from the sale proceeds.

Mouse1812

You may find this helps

justin2010

Thanks for your responses, both are a real help.