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  • FIRST POST
    • BeccaGee
    • By BeccaGee 8th Jul 18, 8:33 PM
    • 20Posts
    • 3Thanks
    BeccaGee
    Husband bankrupt and Trustee wants to sell our house??!!!??
    • #1
    • 8th Jul 18, 8:33 PM
    Husband bankrupt and Trustee wants to sell our house??!!!?? 8th Jul 18 at 8:33 PM
    My husband was made bankrupt in October 2015 and everything was absolutely fine since then for nearly three years all is well.

    But now the trustee wants to sell our house?

    Can’t I stay in it? He is bankrupt not me.
Page 6
    • silvercar
    • By silvercar 24th Jul 18, 8:49 PM
    • 37,533 Posts
    • 157,975 Thanks
    silvercar
    Liam has the right to his views. So you feel its ok then for the OP and some others to talk about ways to get out of paying what they owe while asking Liam not to make his comments as you haven't commented on those. The OP has been advised several times what is going to happen and what she needs to do but still seems to be looking for ways not to hand over what is due to the creditors.
    I have some sympathy for the OP if her husband kept her in the dark but equally have sympathy for the creditors.
    Originally posted by normanna
    A lot of the husband's share of the equity will end up with the OR rather than going to creditors.

    I have sympathy for creditors, but I also have sympathy for people who are trying to keep their home. In my mind it is not unreasonable to ask about options. You only have to look at another thread running on here, where someone has got saddled with a 3 year potential IPA - if they had taken advice on here they would have delayed bankruptcy for a few weeks and avoided that.

    Bankruptcy is about a fresh start, not a punishment.
    • Tarambor
    • By Tarambor 25th Jul 18, 2:53 AM
    • 3,386 Posts
    • 2,477 Thanks
    Tarambor
    A lot of the husband's share of the equity will end up with the OR rather than going to creditors.
    Originally posted by silvercar
    Rubbish. The OR will distribute it amongst the creditors.
    • fatbelly
    • By fatbelly 25th Jul 18, 5:27 AM
    • 12,546 Posts
    • 9,613 Thanks
    fatbelly
    I'm sorry that I'm giving an even more negative answer to that question than the previous poster. It is the trustee's duty to find funds to cover the whole of the bankruptcy debt plus his own fees. Where a house sale is concerned these can be substantial - possibly £30k.
    Originally posted by fatbelly
    Brock is right: This thread is back to where it was 16 days ago....

    I'm out.
    • luvchocolate
    • By luvchocolate 25th Jul 18, 7:00 AM
    • 1,598 Posts
    • 1,449 Thanks
    luvchocolate
    Rubbish. The OR will distribute it amongst the creditors.
    Originally posted by Tarambor
    This is wrong the O.Rs fees come out first and these can be substantial.
    • Tinks74
    • By Tinks74 25th Jul 18, 1:23 PM
    • 199 Posts
    • 126 Thanks
    Tinks74
    luvchochocolate is correct.

    Bankruptcy - Secretary of State's administration fee (applicable to bankruptcy orders made on or after 6 April 2010)

    For the performance of the Secretary of State’s general duties under the insolvency legislation in relation to the administration of the estate of each bankrupt, there shall be payable a fee calculated in accordance with the following scale as a percentage of chargeable receipts relating to the bankruptcy (but ignoring that part of the total receipts which exceeds the bankruptcy ceiling) at the rate of -
    0% of the first £2,000
    100% of the next £1,700
    75% of the next £1,500
    15% of the next £396,000
    1% of the remainder, subject to a maximum of £80,000

    So assuming there have been no other realisations, which is unlikely, the minimum that would be deducted as Secretary of State / OR fees is £16,245.00

    These fees are non negotiable if the funds are from asset realisation.


    These have been changed BKY's from 21/07/16 are charged differently, but the charges in place at the date of BKY are the ones that carry through the life of the BKY.
    • macman
    • By macman 25th Jul 18, 2:30 PM
    • 42,249 Posts
    • 17,642 Thanks
    macman
    Until the OP can come to terms with the reality that the house will be sold, I don't think anyone can offer more advice that is of any help.
    No free lunch, and no free laptop
    • lindens
    • By lindens 25th Jul 18, 2:52 PM
    • 2,140 Posts
    • 7,023 Thanks
    lindens
    Your next plan of action:-
    1. Tidy up the house ready for sale
    2. Put the house up for sale
    3. Yourself - look for a job so that eventually you can get a mortgage on your own with a deposit of whatever is left of £100,000 after paying rent etc for the next 6 months
    4. Start looking at rental properties in the meantime to work out the cost and what kind of a deposit and rent you are going to need.
    You're not your * could have not of * Debt not dept *
    • blatchp
    • By blatchp 25th Jul 18, 3:14 PM
    • 10 Posts
    • 4 Thanks
    blatchp
    As a retired mortgage lender, I can say ex-bankrupts are not automatically barred from a new mortgage, though option and lenders may be limited. The receiver has every right to take your husbands equitable share in the home, but maybe possibly hopefully if you then have a decent deposit and your husbands credit file has been impeccable since bankruptcy there is a chance of some lender being sympathetic.
    • TakeAwayKing
    • By TakeAwayKing 25th Jul 18, 4:06 PM
    • 112 Posts
    • 56 Thanks
    TakeAwayKing
    It!!!8217;s unlikely that the OR will be dealing with the property and so unlikely that the OR fee rate will apply

    More than likely the bankruptcy case will be passed to an IP firm to deal with as Trustee as there are assets. And the IP could be charging fees on a time cost basis.
    • BeccaGee
    • By BeccaGee 6th Aug 18, 1:57 PM
    • 20 Posts
    • 3 Thanks
    BeccaGee
    Yes it is a Trustee it was passed out from the or a while back.

    What is helpful is someone PMing me offering me a £100,000 loan to get the bankruptcy dealt with.
    • silvercar
    • By silvercar 6th Aug 18, 4:31 PM
    • 37,533 Posts
    • 157,975 Thanks
    silvercar
    Yes it is a Trustee it was passed out from the or a while back.

    What is helpful is someone PMing me offering me a £100,000 loan to get the bankruptcy dealt with.
    Originally posted by BeccaGee
    Are you hoping for that? or has it actually happened?
    • brewthebear
    • By brewthebear 6th Aug 18, 5:32 PM
    • 145 Posts
    • 150 Thanks
    brewthebear
    100k, do you know this person,will a charge go on your house what do they want from the lend ?? what are the terms you may find yourself worse off...Sounds iffy to me
    • lisyloo
    • By lisyloo 6th Aug 18, 7:00 PM
    • 22,263 Posts
    • 10,896 Thanks
    lisyloo
    Be careful to look at the terms.
    • debt doctor
    • By debt doctor 6th Aug 18, 7:19 PM
    • 4,314 Posts
    • 5,982 Thanks
    debt doctor
    luvchochocolate is correct.

    Bankruptcy - Secretary of State's administration fee (applicable to bankruptcy orders made on or after 6 April 2010)

    For the performance of the Secretary of State’s general duties under the insolvency legislation in relation to the administration of the estate of each bankrupt, there shall be payable a fee calculated in accordance with the following scale as a percentage of chargeable receipts relating to the bankruptcy (but ignoring that part of the total receipts which exceeds the bankruptcy ceiling) at the rate of -
    0% of the first £2,000
    100% of the next £1,700
    75% of the next £1,500
    15% of the next £396,000
    1% of the remainder, subject to a maximum of £80,000

    So assuming there have been no other realisations, which is unlikely, the minimum that would be deducted as Secretary of State / OR fees is £16,245.00

    These fees are non negotiable if the funds are from asset realisation.


    These have been changed BKY's from 21/07/16 are charged differently, but the charges in place at the date of BKY are the ones that carry through the life of the BKY.
    Originally posted by Tinks74
    Yes indeed - then there is the Insolvency Service Case Management Fee - just over £2k last time I looked - but then..... the biggest robbery of all is when the IP is appointed to 'dispose of the property'. I have seen IP fees typically £30 - 40k and up to £70k simply for handling the sale and a few frills.

    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • silvercar
    • By silvercar 6th Aug 18, 10:22 PM
    • 37,533 Posts
    • 157,975 Thanks
    silvercar
    100k, do you know this person,will a charge go on your house what do they want from the lend ?? what are the terms you may find yourself worse off...Sounds iffy to me
    Originally posted by brewthebear
    Beyond iffy to me.

    Someone anonymously posts with a debt problem and a knight
    in shining armour offers 100k in response??????
    • worried jim
    • By worried jim 6th Aug 18, 10:30 PM
    • 9,396 Posts
    • 14,481 Thanks
    worried jim
    Beyond iffy to me.

    Someone anonymously posts with a debt problem and a knight
    in shining armour offers 100k in response??????
    Originally posted by silvercar
    Ahem, cough, I need £50k to ahem, repatriate myself to Spain. Loans via PMs welcome.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • GSDlover
    • By GSDlover 7th Aug 18, 9:18 AM
    • 1 Posts
    • 1 Thanks
    GSDlover
    It’s not that odd for a wife to not work at all and be ‘traditional’ with the set-up. It’s just the media that makes out all marriages have both parties working full time etc. I’ve been married 31years and I don’t work! We have no kids, 2 dogs and 2 cats. I look after the house, the husband, our money and am almost CEO of our life which has been very successful. I paid off our joint mortgage in our 40’s, we have healthy savings, etc. etc. In fact, I think one of the reasons for the high divorce rate nowadays is women working. Just our opinion but like I say, we’ve been happily married 31 years and I’m hardly the little woman at home. I look after it all, he just earns it. He told me when we got married he wanted a wife at home, it works for many, very successfully.
    • qwert yuiop
    • By qwert yuiop 7th Aug 18, 10:15 AM
    • 2,390 Posts
    • 1,497 Thanks
    qwert yuiop
    I'm pretty sure that isn't grounds for divorce which include adultery, abandonment, unreasonable behaviour etc. I'm sure you can get all of thme by googling, but I'm certain avoiding debts is not one of them.


    This means they lied on their declarations and have never been found out.


    In this digital age it's much harder to keep the truth under wraps than 10 years ago i.e. anyone putting a photo of them together on facebook or instagram could blow their cover.
    Originally posted by lisyloo
    How about faking your own death, moving to panama, then featuring in a holiday brochure?
    " Nul points"
    “What means that trump?” Timon of Athens by William Shakespeare
    • qwert yuiop
    • By qwert yuiop 7th Aug 18, 10:33 AM
    • 2,390 Posts
    • 1,497 Thanks
    qwert yuiop
    Beyond iffy to me.

    Someone anonymously posts with a debt problem and a knight
    in shining armour offers 100k in response??????
    Originally posted by silvercar
    Some weird contrived money laundering scheme?
    “What means that trump?” Timon of Athens by William Shakespeare
    • Nasqueron
    • By Nasqueron 7th Aug 18, 10:39 AM
    • 5,238 Posts
    • 3,172 Thanks
    Nasqueron
    It!!!8217;s not that odd for a wife to not work at all and be !!!8216;traditional!!!8217; with the set-up. It!!!8217;s just the media that makes out all marriages have both parties working full time etc. I!!!8217;ve been married 31years and I don!!!8217;t work! We have no kids, 2 dogs and 2 cats. I look after the house, the husband, our money and am almost CEO of our life which has been very successful. I paid off our joint mortgage in our 40!!!8217;s, we have healthy savings, etc. etc. In fact, I think one of the reasons for the high divorce rate nowadays is women working. Just our opinion but like I say, we!!!8217;ve been happily married 31 years and I!!!8217;m hardly the little woman at home. I look after it all, he just earns it. He told me when we got married he wanted a wife at home, it works for many, very successfully.
    Originally posted by GSDlover
    Correlation is not causation. A Stepford Wife existence undoubtedly made many women unhappy in the past but they were trapped in marriage and unable to divorce (in par due to lack of money) hence in part why divorce rates were lower. Divorce rates are higher now for a multitude of reasons, women having financial independence and not relying on a husband to provide for them is not one of the significant factors.
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