bankruptcy looms

kezxx22

To cut long story short I cant pay my bills so only option is bankruptcy which scares me senseless. Have 2 kids and a partner plus mortgage. Partner wants me to transfer equity to him before I go bankrupt so can keep the house. Is this possible? Does anyone have any experience of transerring equity pre bankruptcy?

Scarlett.1974

Hi Kez and welcome to the forum

Firstly, have you spoken to one of the free debt charities about going BR? The judge will ask you if you've taken professional advice and can refuse your petition if you haven't. I'm sure someone will post with the phone numbers etc.... in a minute

I don't know anything about transferring equity I'm afraid. I do know that you can allow your H to buy your BI (beneficial interest) in your house. Is there a lot of equity in it?

I know it's scary, but we've all been there and you'll get loads of advice and support from the fabulous people here. Anything you want to know, just ask away

Waspeze

Stole this from Tigerfeets signature

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.

CCCS 0800 138 1111 National Debtline 0808 808 4000 Business Debt Line 0800 197 6026 CAB – Contact your local office and ask to speak to a Specialist Financial Advisor. Insolvency Service- 0845 602 9848

kezxx22

Thanks. Was thinking of going to CAB...Just need to act fast as I'm dreading the creditors ringing me...difficult to get sorted with a 5 yr old on his easter hols and an 11 wk baby to look after! :T

Scarlett.1974

Awww, 11 weeks...... how lovely

The CAB can be very busy and you often have to wait for an appointment. If you're thinking of doing it sooner rather than later, you'd be better off phoning either CCCS or National Debtline..... they'll go through all your options with you (in the comfort of your own home!) and advise if BR is the best way forward for you

tigerfeet2006

As Scarlett and Waspeze say contact one of the debt charities straight away. They will talk you through all your options.

If you decide bankruptcy is the way to go DO NOT sell or give your part of the equity to your partner. The OR will not be happy with you at all. You should be given the oppurtunity for someone to buy your benificial interest (ie:equity) from the OR.

Is there much equity in the house?

Any questions you have please do not hesitate to ask.

kezxx22

only about 13,000 equity in house as only bought last august. sorry 4 short reply but have baby in one arm and typing with one hand! thanks guys for all your help. think i'll ring an advice line and in the meantime try getting my SOA on here when I find the time!!:T :eek: :eek: :eek: