need advice on property in bankruptcy

gazweb

hi all

bankrupt on 26/02/08 just had letter from the OR that they have no interest in my property due to their being no interest left in it house.

so i have paid the £211 fee to the OR sols to get the restriction removed from the land registry

can anybody tell me how long this process takes and should i receive confirmation from the OR or the land registry office when this has been done ?

also received the letter for my ED at te same time and sent that back nearly two weeks ago but not heard anything back yet

can anybody tell me how long to expect this to take and what will i recieve from the OR when i get my ED ?

thanks to all for reading my questions
gazweb

tigerfeet2006

Can't answer the house question but.....(with thanks to the fantastic Philnicandamy)

Everything you wanted to know about ED's but were afraid to ask.....:D

The OR will firstly send 'report to creditors' this is normally done within 8 weeks of the making of the bankruptcy order (your appearance at court etc). It's the initial report from the OR that tells creditors (amongst other things) the reasons for the insolvency and the likelihood of creditors receiving any payments from the estate.
The OR's office must then wait 3 months before they can consider starting the ED process if they feel it is appropriate.
For the ED, you have 14+7 days to return the IPOQ (I&E questionnaire..this is sent to you from the OR office if your considered for ED) after which the OR can write to the creditors to say that they will be applying for the ED and request any objections.
The OR's office must then wait 28 +7 days to allow creditors to reply. Then if no valid objections have been received, the ED notice can be submitted to the court.
So the quickest the ED could happen (in theory) is 56-57 days after the you get the ED/IPOQ letter.
it often takes longer and can even be shelved at any stage if the office is too busy with new cases as ED is NEVER a guarantee...

AllNancy

Tigerfeet...Excuse my ignorance...but what's ED?

Couldn't find it in the glossary


Thanks

Nancy

AllNancy

It's OK....Found it....Early Discharge!

That I look forward to.

Nancy

tigerfeet2006

ED= Early Discharge
AD= Automatic Discharge

Hope that helps and it's not ignorance. I am afraid us oldies get very used to chucking acronyms around forgetting that someone who is just embarking on the journey wouldn't know.

Debt_Monkey_3

gazweb wrote: »

hi all

bankrupt on 26/02/08 just had letter from the OR that they have no interest in my property due to their being no interest left in it house.

so i have paid the £211 fee to the OR sols to get the restriction removed from the land registry

can anybody tell me how long this process takes and should i receive confirmation from the OR or the land registry office when this has been done ?

The OR will probably take 4-6 weeks to deal with this. Land Reg take 2 weeks to deal with most things. Start to chase the OR after a month. Alternatively you can do a land reg search on the property to check the bankruptcy notice has been removed but that costs a few quid.