word of warning

yvonnemarie24

husband went bankrucpt 12 years ago discharged 10 yearsnow trustee has come for the house for all people who went bankrucpt before the new law please check your house is safelost ours went bankrupt for £15,000 but has cost us in the long run £142,00 approxyvonne

rog2

Thanks - there was a test case, recently and it was 'judged' that the creditors' interests were paramount. It appears that Trustees are really going for the jugular as a result.

Conor_3

yvonnemarie24 wrote: »

husband went bankrucpt 12 years ago discharged 10 yearsnow trustee has come for the house for all people who went bankrucpt before the new law please check your house is safelost ours went bankrupt for £15,000 but has cost us in the long run £142,00 approxyvonne

This is the advice I give everyone thinking/doing it. Secure your house ASAP otherwise the Trustee can come after it at any point in the future. I honestly think some people don't think that happens once they're discharged.

PixiePie

I'm sorry to sound really thick, but think this might help other 'blonde' people like me as well - what does this mean in english?

If I ever buy a house in the future the OR can come and have it?
My parents have a house that I lived in as a child, is this effected?
I was living with my partner who had brought the house, but I was not contributing to the costs therefore had no BI, is this effected?
I was living with my partner who had brought a house, and I was contributing to the costs therefore had BI, is this effected if a) my partner/someone else buys the BI b) it is not mentioned by the OR at any point and therefore I do not realise what the implications are or even what BI is?

Sorry to be picky and list out different scenarios, but I really don't understand housing at all and am also worried that this might really frighten some others as well with regards to long term problems of going BR.

Cheers

Broken_hearted

I think this is to do with the rules before they changed. Companies look at any way they can get their money back, if they can find assets/BI in anything they will go after it.

scaredwitless32

I dont understand at all, we dont actually have a property as we rent, but if my OH goes BR, would there be complications down the road,(hopefully not for years to come!!!!) when his parents , die as it will eventually happen, house sold, passed onto him etc........would the OR/trustee still be able to make a claim on that too?
(Pixie, another blonde here, your not alone!)

Thanks

Conor_3

PixiePie wrote: »

If I ever buy a house in the future the OR can come and have it?
My parents have a house that I lived in as a child, is this effected?
I was living with my partner who had brought the house, but I was not contributing to the costs therefore had no BI, is this effected?

No to all the above.

PixiePie wrote: »

I was living with my partner who had brought a house, and I was contributing to the costs therefore had BI, is this effected if a) my partner/someone else buys the BI b) it is not mentioned by the OR at any point and therefore I do not realise what the implications are or even what BI is?

Yes. Unless someone specifically buys the BI, the OR can realise their interest at any time on property you had an interest in UP TO THE TIME THE BR ORDER WAS MADE. They cannot come after property you jointly buy AFTER you were made bankrupt at the county court.

PixiePie

Thanks Conor, sorry if I paniced anyone, that wasn't my intention, just trying to get it straight in my head.

And for purposes of clarity, BI is only if you have paid towards household costs, not specific rent (even if related to the owner) or board and lodging, but not contributing towards the morgage? Again, not splitting hairs (well I guess I am) or being difficult just trying to get it all straight. It kinad is confusing in my head because when you rent a property you are surely contributing to the morgage - I guess a standard shorthold tennancy agreement has clauses in to say paying rent does not entitle you to any interest in the property.

Is paying rent to a third party that you are not related to and one you are related to by being their offspring/sibling/parent seen any differently in the eyes of the OR etc?

Many thanks for helping on this people who know fings btw

scaredwitless32

Looks like i got the wrong end of the stick................sorry guys!!!!:o Probably won't be the last time either!:rolleyes: < shuffles off in the corner where her dunces hat await>