More debts, Help!!

Red_13

Hi All,

I went bankrupt in Nov 2014. I own a flat with my partner which we don't leave instead we rent a house.
The flat is in negative equity and although rented out it just covers mortgage and management fees. I'v recently received a bill for £4000 from the management for apparent essential works to the property. Ive let them know my predicament and was told that if i don't pay the bill within the by March they will have to seek legal action in the form of a CCJ.

I don't know what to do. The OR has interest in my property for the next two years I think.

Please help

Thanks Red

debt_doctor

Hi,
This post confuses me a little.
Was this property the family home of yourself, spouse / civil partner or former spouse / civil partner on the date when you went bankrupt?
If not, then all of the rent should have been collected by the trustee. This of course normally makes mortgage payments impossible and the property becomes re possessed.
Has the Trustee released their interest in the property? If not, then they have landlord responsibilities (which they hate, and normally avoid at all costs)
You mention the '3 year rule' - this only applies for the family home as I described earlier. Other properties can be claimed by the trustee without time limit, whenever they may become profitable to sell.
DD

HappyMJ

Red_13 wrote: »

Hi All,

I went bankrupt in Nov 2014. I own a flat with my partner which we don't leave instead we rent a house.
The flat is in negative equity and although rented out it just covers mortgage and management fees. I'v recently received a bill for £4000 from the management for apparent essential works to the property. Ive let them know my predicament and was told that if i don't pay the bill within the by March they will have to seek legal action in the form of a CCJ.

I don't know what to do. The OR has interest in my property for the next two years I think.

Please help

Thanks Red

Stop paying the mortgage and let it be repossessed.

Are both you and your partner bankrupt?

Red_13

Thank you for your replies. The Flat is not our family home, my wife and I bought it 7 years ago. We lived there for three months then moved out. Its been rented out ever since. We have no other properties. The Flat rent covers mortgage and maintenance fees, so I make nothing from it.

My wife has not gone bankrupt but has no savings and is a housewife so has no income.

I was told by my OR that I had to keep paying mortgage and collecting rent.

I really don't know what to do, the flat has caused nothing but heartache and problems.

debt_doctor

So, The OR (trustee) has forever to deal with the property. I'm still surprised at the rent although you wife should be able to retain her half of the rent.
Could you wife go bankrupt?, and then you could simply let the flat go (you would need to give the required notice to your tenants). Any shortfall from the possession / sale would become part of both of your bankruptcy's as they were liabilities incurred prior to your bankruptcy's.
DD