taking his house because of me

Richard_S

ts_aly2000 wrote: »

This is frankly ridiculous. It's a bit like saying that my landlord to whom I've paid rent, should handover 50% of the property's value should I go bankcrupt.

The only facts are; do you own the house or don't you? Have you transferred ownership of the house to avoid an OR's claim? Answer to both of those: No.

The point is; Whoever has written these letters is trying to pull a very fast one.

Maybe post this question on this forum here; http://www.debtquestions.co.uk/debt_forum/ under After Bankcruptcy. They'll likely have a field day with this one.

ts_aly,

Honestly, you're mistaken, I wish you weren't but I can point you in the direction of the relevant regulatons and case law, but it's on my work p.c.

There obviously trying to maximise the %age of B.I they can justify but that's a far as "pulling a fast one goes".

I was going to suggest posting it on that forum too, but the link is at work; Brin is who you've got in mind presumably?

Richard

Richard_S

pinky,

Another thought, and this is why you need an expert. Did the O.R write to you while you were undisharged and express an interest in the house? I'm sure I've read somewhere that they need to do this within a year of your bankruptcy date and that gives them the three years to reach agreement.

If they haven't written within the year then they can't pursue it afterwards; although they'd probably try. BUT I DON'T KNOW THAT FOR A FACT.

Richard

pinky2810

thanks Richard and everyone for your help we do have an appointment on mon afternoon with a solicitor in our town but its trying to get through the weekend with a sad face on, and we have to go to best friends wedding reception tomorrow night as well , i dont want to look down in the dumps and no one wants to go out with thing on there minds do they anyway
answers to richards questions
my partners name is soley on the morgage

no we moved in together as we was in a coucil house before that he has had the house for 10 years we have been together 20

no none of us have children and there has never been family or lodgers in the house at all at any time living with us

equity in the house is about 60 grand he bought it for 31 and it is now worth about 90 grand

i never have any money left at the end of payday as my job is poor paid he doesn't do too bad he has about 400 to 500 a month left but he pais for car repairs hols ect any house repairs or improvment (as it his house ayway)

hope thats answerd your questions ok i do appreciate all this help from everyone honestly

madoldbat

Pinky I said before the imortant info is not within my abilaties But try to put this to one side for the weekend so you can take joy at your freinds wedding.Remmember you cant do anything until monday well nither can THEY! So take a breather and start the battle afresh on Monday.:beer:

fermi

I have to agree. I'm no expert on property either, but I really think the trustee is playing hardball to start off with, and even if their claim on some of the Beneficial Interest is valid it's a position that they would expect to be seriously contested and negotiated down.

You really need to get that professional advice from someone who knows insolvency law inside and out.

Until that, as others have said try not to worry too much and have a nice weekend.

Remember, lots of us will be around here if you have any wobbly moments.:)

Richard_S

pinky,

There’s not much more I can add to what I wrote last night. There are good and bad solicitors as with everything that revolves around people; I hope to God that you’ve got a good one who genuinely wants to do his/her best for you.

I don’t know what sort of a person you are; whether you’re shy or outgoing, forceful or passive, but you really need to get this person on your side. Don’t be intimidated by them and don’t be afraid of saying what you think; never be afraid of making a fool of yourself, if you want to say something, say it, if you’re thinking something, don’t wait until the meeting’s over; say it there and then.

The value of the house is crucial. You might think it’s worth £90k but the O.R values property with a view to a quick sale; get half a dozen valuations and submit the lowest two; emphasise that you want a valuation based on a quick sale and not a “top book” price; the lower the valuation the lower your B.I.

Stress to the solicitor that you’ve made very little in the way of household upkeep and expenditure; your partner has been the higher earner and whatever money you’ve earned you’ve spent on yourself and your debts. Your partner and the house has seen nothing from your earnings; paint yourself as a non-paying tenant; I know it’s not necessarily true but whatever it takes to get your B.I reduced you’ve got to do.

Actually, don’t I remember you two having a fight? You smashed all the furniture, fittings and windows in a fit of pique, and your partner had to replace them all while you took a holiday to cope with your stress.:mad: :mad:

Also bear in mind that the O.R will settle for a lesser amount than your calculated B.I if it results in a speedy resolution. It’s not black and white; as usual it falls into the omnipotent grey areas that seem to dominate life in the 21st Century. What appears to be a fact today may well not be tomorrow. Stay strong, calm and resolute; believe you can work through this problem and channel all your energies to addressing the situation and not in self recriminations.

I sincerely wish you all the best and please keep posting on here; the therapy of sharing a problem is hopelessly underestimated.

Regards

Richard

P.S: Don't forget to ask this question:

Another thought, and this is why you need an expert. Did the O.R write to you while you were undisharged and express an interest in the house? I'm sure I've read somewhere that they need to do this within a year of your bankruptcy date and that gives them the three years to reach agreement.

If they haven't written within the year then they can't pursue it afterwards; although they'd probably try. BUT I DON'T KNOW THAT FOR A FACT.

pinky2810

hi Richard thanks again for your reply,to be honest i am quite a shy person and dont speak up for myself enough but he is the opposite and will say what he thinks sometimes i get embarrassed on things he says even when i know he is right , but i willl speak my mind tommorrow and he has read all your posts and everyone elses, and no we are not the couple that smashed everything up i would never do anything like that it take too much trouble in cleaning up the mess and cost in replacing everthing , i hate just dropping and smashing a cup in the kitchen , this is the first time i have posted on here, i did post this message on two other sites but got no responce at all thats why i coulden't belive how quick i got answers from here , i knew about the Martin lewis website and have been on it before but only for bills reduced and holiday searching but i never knew about this b/r section, anyway i have never needed it before as like i say everything went quite smoothly up until now anyway got a bit of a hangover as went to best friends wedding reception last night it took all my worrys away for a while, I will let you know tommorrow what the solicitor says , i have to try to get out of work early to go god knows what im gonna say at work as i work 6am till 6 pm 12 hour shifts and appiontment is at 3.30 pm so will have to leave at 3 at the lastest , ok going for a glass of resolve now and a big fry up to soak up the ale a bit speak to you tommorrow bye for now

tight_jock

Richard_S wrote: »

pinky,

Another thought, and this is why you need an expert. Did the O.R write to you while you were undisharged and express an interest in the house? I'm sure I've read somewhere that they need to do this within a year of your bankruptcy date and that gives them the three years to reach agreement.

If they haven't written within the year then they can't pursue it afterwards; although they'd probably try. BUT I DON'T KNOW THAT FOR A FACT.

I`m pretty ure that the OR must declare his interest in writing during the undischarged period which gives him 3 years from that date to realise the interset.
So If he has not written to declare this interest, he cant do it now

fermi

tight_jock wrote: »

I`m pretty ure that the OR must declare his interest in writing during the undischarged period which gives him 3 years from that date to realise the interset.
So If he has not written to declare this interest, he cant do it now

Not sure TJ. This suggests otherwise, but as normal does not go into enough detail to be certain. The red bit in particular.

What happens if no-one buys the beneficial interest?

It remains with the official receiver or trustee, but only for a certain period (see below). It does not return to you on your discharge from bankruptcy. The value of the beneficial interest may increase over time if the market value of your home increases.

The benefit of any increase in value will go the official receiver or trustee to pay your debts, even if the home is sold some time after you have been discharged. You and your family will have to move out if the home has to be sold to pay your creditors.

In most cases, if your beneficial interest in your home, or the home of your spouse or former spouse, has not been sold by the third anniversary of your bankruptcy (or by 1 April 2007, whichever is the later), it will cease to be part of your bankruptcy estate and will be returned to you.

The exceptions to this are:

• if your trustee has applied for an order for sale of the house;
• if your trustee has applied for an order of possession for the house;
• if your trustee has applied for an order imposing a charge on the house; or
• if you and the trustee agree that you will incur a specified liability in respect of the beneficial interest.

If, however, the trustee is not aware of your interest in a property, he or she will have 3 years from the date on which he or she becomes aware of it to deal with your interest (for example, to sell it).

I think some professional advice is definitely the thing.

viktory

One other thing to add to the above - your partner will always have problems getting credit as he is financially linked to you. This showed on his credit report. One of the joys of bankruptcy I'm afraid. My OH had the same problem and it is taking him ages to rebuild his credit rating.

Did you declare the house at your interview with the OR? I am confused about the three year rule, surely that means that the OR can seize the house until 2009 as the OP was discharged in 06? What happens if the house is sold?