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Buying back the beneficial interest
PC2001
Posts: 6 Forumite
Hi, I have a joint property with my ex. He had some final/interim charging orders issued. Then he went bankrupt. I brought the TiB's beneficial interest back. what does this mean for the charging orders? If I were to sell would these be deducted first or should they remain with the trustee as part of the bankruptcy? Also do they continue to attract interest - if so, this is affecting my value in the property. Surely, the charging orders are not secured debts because the house in joint names, they are just restrictions - so should they not have been included in bankruptcy?
Sorry, I'm finding this very confusing - but I thought that by going bankrupt my ex's debts would be written off.
Thanks for reading:)
Sorry, I'm finding this very confusing - but I thought that by going bankrupt my ex's debts would be written off.
Thanks for reading:)
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Comments
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It could depend on the dates. Any charging orders taken out before the date of bankruptcy were secured debts as at the time of bankruptcy. Anything that wasn't taken out by the time your ex went bankrupt should have been written off.
When you bought the beneficial interest, how was it calculated? Did it take into account the charging orders?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
One is a final charging order and was issued a couple if months before bankruptcy. The other two were interim orders and also we on just before bankruptcy, but they were never made final, it's been two years now since they were put on.0
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As silvercar says, the final charging order will remain (http://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch1-12/Chapter9/part4/part_4.htm 9.105 a creditor is entitled to the benefit of a final charging order). The interim charging orders will not.0
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