Before I go bankrupt

Cornishboy

Before taking the big step I’d like your views on the following : I am currently living in a Guest house at a favourable rate. This is likely to change as Spring approaches and the rental amount increases. By then I will have started the Bakruptcy processes and will be on an IPA. It will then more than likely move in with my girlfriend. Her property is mortgaged in just her name, she paid all the deposit and all the stamp duty. I would be sharing the bills and paying a slightly higher amount than what I now pay in rent. Because I would have recently started my IPA would the OR see any beneficial interest in the property?

chrislee999

Firstly I think we need to understand what your actually planning to do. Bankruptcy and IVA as I think you mean are 2 totally different concepts and would urge you understand the meaning of the 2 and the likelihood of what to expect over the coming years. From what you are saying an IVA or Bankruptcy will not have any effect of your partners home, only is you have some sort of financial interest in the property would it make any difference to the official reciever and then only if you was to go Bankrupt that it would have any effect.

Cornishboy

I know the difference between an IVA and bankruptcy. I was referring to an IPA that lasts 3 years and is set by the OR when the bankruptcy starts. I want to know ifU will have beneficial interest if my circumstances change based upon the situation in my original thread

TheGardener

The OR would probably only consider you to have an interest in your GFs home if you had lived there for some time and had made a significant contribution over several years. If you are just moving in after the BR has started - then I'm pretty sure you'll be ok.