Bankruptcy...I don't know where to turn

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  • fatbelly
    fatbelly Posts: 20,499 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    edited 18 June 2019 at 7:40PM
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    WhenIam64 wrote: »
    Numbers don't match here.

    If your debt in Bankruptcy was £8K and your share of the equity is £25K, what is the difference?
    Fees

    The fees for dealing with a property in bankruptcy can be 20-30k.

    This illustrates the folly of an 'easy-access' bankruptcy application process.

    With a DRO, you can only access it via a qualified debt adviser. The potential damage in bankruptcy is much much larger yet anyone can fill in an online form, pay the fee on a card and press the submit button.

    At least in the old system you had to talk to someone at the court.
  • Kentish_Dave
    Kentish_Dave Posts: 842 Forumite
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    KeepOnKnitting wrote: »
    If you went bankrupt over £8k, why do they want £25k from you?

    I had no assets when I went bankrupt, so I don't know how that works, but I am confused.
    They don’t necessarily want £25k, they want the £8k plus fees, and want to take it from the equity the OP has in the house that they earn with their wife.

    If there is any left over it will be returned.
  • Kentish_Dave
    Kentish_Dave Posts: 842 Forumite
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    silvercar wrote: »
    Divorce settlements usually weight the equity distribution towards the parent that stays in the home with the children or alternatively gives the parent with care the right to remain in the home until the youngest child finishes education.

    What happened here?
    What divorce?
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