HMRC Debt Bankrupcy Help & Advice

John_G_Jones

maxmycardagain wrote: »

and they got how much?

You are moving the goalposts here. Why not admit that you are making things up? Someone’s shown that you are wrong, is it not time you stopped trolling and tried to help people instead?

ramtops

Nothing except satisfaction.

CEX

Thank you for all your replies.
I didnt get any notifications that i had replies, until checking the post now.
I have now activated notifications

CEX

Thank you for your reply. what is a SoA please?
So, if i'am being made bankrupt, but my wife who has a joint mortgage on the house wants to maybe get the beneficial intrest buy out, i should still carry on paying the mortgage?

CEX

Minkym00 wrote: »

The Official Receiver has 3 years to deal with a family home. You have approx £42.5k equity, which means the Insolvency Service will very likely appoint an Insolvency Practitioner to deal with the asset as they’re only interested in property with £30k+ of equity. The Insolvency Practitioner will offer your wife the beneficial interest, but if that is not possible they will sell it (and take a shed load of costs). The Official Receivers will take £8k in fees. Whatever is left will be distributed proportionately to all your creditors.

If you are working the Official Receiver will assess your household income and expenditure and set up an Income Payments Agreement for you to pay them surplus monthly income for 36 months.

If you stop paying the cards, save the cash you would have otherwise paid in your wife solely owned bank account as the Insolvency Service can’t touch that. But you will be asked to explain it when they check your bank statements.

So, they will definatly be going after my house?

silvercar

CEX wrote: »

So, they will definatly be going after my house?

Most likely, but they may very well not deal with it until 2 yrs 9 months have passed. Which does give you time to see if you can raise the money.....also they will value the house nearer the time, so that £220k could go up or down.

CEX

Minkym00 wrote: »

The Official Receiver has 3 years to deal with a family home. You have approx £42.5k equity, which means the Insolvency Service will very likely appoint an Insolvency Practitioner to deal with the asset as they’re only interested in property with £30k+ of equity. The Insolvency Practitioner will offer your wife the beneficial interest, but if that is not possible they will sell it (and take a shed load of costs). The Official Receivers will take £8k in fees. Whatever is left will be distributed proportionately to all your creditors.

If you are working the Official Receiver will assess your household income and expenditure and set up an Income Payments Agreement for you to pay them surplus monthly income for 36 months.

If you stop paying the cards, save the cash you would have otherwise paid in your wife solely owned bank account as the Insolvency Service can’t touch that. But you will be asked to explain it when they check your bank statements.

So from these figures, how much do you think it will cost for my wife to buy back my share so that we dont lose the house?

silvercar

CEX wrote: »

So from these figures, how much do you think it will cost for my wife to buy back my share so that we dont lose the house?

Assuming your house doesn't change in value between now and when the OR make their move, there is 42.5k equity of yours to be bought back. The OR should allow for the fact that a sale would incur estate agents fees and solicitors fees and the figure itself is up for negotiation. I doubt they would settle for less than 30k, but happy to be proved wrong.

maxmycardagain

Offer £5000 cash....

you can higher but you can never go lower

maxmycardagain

John_G_Jones wrote: »

You are moving the goalposts here. Why not admit that you are making things up? Someone’s shown that you are wrong, is it not time you stopped trolling and tried to help people instead?

what goalposts?

My bad, i was overworked....