Life is a roller coaster

bubbles_bonbon

Hi,

Am sitting here with the BR petition on my lap and just can't make a start.

My problems began two years ago when I lost my job as a sales rep.

I was earning well and life was good. In the March of 2006 I moved in with my partner and her two kids. I was added to the deeds of the house in order to remorgage and extend the property to enable me to squeeze my to kids in as well. Happy days.

In the June of 2006 my troubles began with loosing my job. This was followed one month later with severe floods in our area. We lost our home and most of it's contents cars etc. (I will save dealing with loss adjusters for another forum)!!!
In the September I was taken to court to answer allegations of fraud by my ex employer. It turned out to have been commited by another member of staff and all charges were dropped. In defending myself I ran up a bill of several thousands of pounds.

I am now employed once again, but I am only earning a third of my old wage. I have £38,000 of debt mainly with NAT WEST and HMRC.

I have been down the IVA route but last week my offer was rejected and I was sent away with my tail between my legs. My financial aid could only suggest BR.

My concern is this. If I become a BR would the courts accept that I own 50%of the equity gained since I moved into the property or 50% of the entire equity.
The reason I ask is because my partner has lived here for 12 years and has built up equity over that time. Since I moved in the prices have dropped dramatically, mainly because of the flood problems and the property is now worth £90,000 less than when I moved in.

Got2change

I would think (hope) that the date you were put onto the deeds would be the date from which you were considered to be "eligible" for the equity IYSWIM. I know so little of the houseowning/equity/mortgage/BI side of things in BR that please take what I say with a large pinch of salt - BUT to me it just stands to reason.
If you are definitely going to go BR, you will have to pull yourself up by your bootstraps and get cracking on those forms. The hardest part is starting - after that, it's a breeze (yeah right).
Good luck and keep posting.
G2c

Richard_S

Hi Bubbles,

Your B.I would only be calculated from the date you moved in. You would be expected to prove that was the case to the O.R but that shouldn't be too difficult. Things are seldom straightforward when property is involved, and the I.S does seem to be toughening its stance, so you can expect to have some tense "discussions" with the O.R, so be prepared for a "challenge".

I'm sorry to hear that circumstances proved to be the reason you got to this point, but that is so often the case with bankruptcy.

Regards

Richard

bubbles_bonbon

I hope that you guys are right....The IVA company that I was dealing with said that it would be very harsh to take away my OH share, but..............

Guess i'd better get on with it then.

DaveBrum_2

If you get an appointment with the Consumer Credit Counselling Service, they could advise you better and they also have a bankruptcy helpline. (You have to complete an appointment first where they will give you the options available to help you deal with your debt problem). Or you could try your local CAB if you get stuck with the forms.

Broken_hearted

It'll all boil down to what they decide to do to you on the day. Take as much advice as you can get.