Question for Melanie BR For Divorced

[Adrian Ratcliffe]

Hi Melanie,
I have a possible client for you he needs to know where he stands and what to do, his predicament is this.
He divorced last year and has a property with about 30k equity the customs people want to BR him as he is single how would he be able to purchace the interest in his home back if he was made BR.
Most of your posts have used the wording of family member or wife.

Regards
Adrian

[MelanieGiles]

Hi Adrian

I don't think that this could be done - in that he could not raise money until after he is discharged from bankruptcy, and even then would not be able to raise all of the equity. What is his property worth, and how much is his current mortgage?

Does he have any disposable income, and how much does he owe HMRC?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adrian Ratcliffe]

Hi Melanie,
His Mortgage is £115,000 Property Val £130,000 to £140,000 max.
Revenue around £50,000 Disposable £350 PM.

Regards
Adrian

[MelanieGiles]

How has he ended up with a HMRC bill of so much, and are they his only creditor?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp