www.iva.co.uk

HELLO EVERYONE
I HAVE FINALY GOT THE HOUSE I WANTED FOR RENT CREDIT CHECK CAME OUT OK, WHICH WAS GOOD. NOW PICTURE LOAN DO I NOW TELL THEM IM GOING BANKRUPT NOW I HAVEN'T FILLED THE FORMS OUT YET AS WE ARE WAITING ON MY HUSBANDS WORK. AND THE REASON FOR THAT IS THEY GAVE US A BRIDGING LOAN TO PAY OFF OUR HOUSE DOWN SOUTH £218,000 SO WE COULD BUY UP HERE FOR MY HUSBANDS JOB. THEY OFFERED AND WE EXCEPTED. THEY HAVE A LEGAL CHARGE AGAINST THE PROPERTY, BUT WE ARE CONCERNED THAT IF WE GO INTO BANCKRUPCY THEY WILL TAKE THAT PROPERTY AS WE HAVE IN STILL ON THE MARKET FOR SALE SO THEY CAN HAVE THERE MONEY BACK. WE HAVE ASKED MY HUSBANDS WORK TO PUT THE PROPERTY IN THEIR NAME SO THEY GET TO KEEP IN AND THEY ARE SEEKING LEGAL ADVICE NOW. MY HUSBAND HAS ALSO GOT A MEETING WITH THEM ALL TO TALK ABOUT IT ALL IT DOESN'T LOOK GOOD AT MO FOR HUSBANDS JOB SO WORRIED ABOUT THAT. SO IF ANYONE HAS ANY ADBISE ABOUT THAT I WOULD BE GRATEFUL. WE ALSO THOUGHT ABOUT PUTING IT IN MUM AND DADS NAME IF THATS POSSIBLE?
ANYWAY WE MOVE OUT THIS SATURDAY SO EVEN IF I HAVEN'T STARTED THE BALL ROLLING TO BANKRUPCY DO I TELL N/ROCK AND PICTURE AND ALL CREDIT CARDS THAT I AM GOING BANKRUPT OR NOT. PLEASE IF ANYONE COULD ADVISE IT WOULD HELP REALLY WORRIED ABOUT IT ALL.
THANK YOU

Once you go bankrupt all of your assets will vest in the Trustee, so if there is equity in the property down South this will form part of the bankrutpcy estate.

So would it be best to get it transferred into their name, could I put it in my Mum and Dads name? Thanks.

The only equity will be about £2000. They have a legal charge. Does that mean they can't take it into bankruptcy so my husbands work will not lose their money.
Thanks.

No - and you will end up with a bankruptcy restrictions order for transferring an asset at less than market value. If the equity is £2,000 and that is backed by an independent valuation, and your Mum and Dad pay that money which you hold to the order of the future Trustee, that might work, but personally I would advise you to leave this all to the Official Receiver once they are appointed.

THANK YOU FOR THAT. BUT COULD MY HUSBANDS WORK LOSE THE HOUSE OR WILL THEY NOT TOUCH THAT AS THEY HAVE A LEGAL CHARGE.

SORRY TO GO ON BUT REALLY CONCERNED ABOUT GOING BANKRUPT AND MY HUSBANDS WORK LOSING THE MONEY NOT GOING TO BE GOOD FOR HIM. SO SHOULD WE JUST CARRY ON AND DO BANKRUPTCY AND EXPLAIN TO O/R THAT THE HOUSE DOWN SOUTH HAS A LEGAL CHARGE WITH MY HUSBANDS COMPANY. A LEGAL CHARGE HAS TO STAND FOR SOMETHING.

I really think that you need to take proper professional advice, as it is difficult to do this across this medium. Why not give Paul Johns at Reviva a call - he is a bankruptcy specialist and it will be much easier for you to describe these issues to someone on a direct basis.

THANK YOU VERY MUCH. I HAVE SPOKEN TO PAUL AND HE WAS VERY HELPFUL. HOPING TO SORT THIS OUT WITH HIS HELP.

Just wanted to say good luck m15 ... it's a stressful time I know, but you are in the right place her for help and support ... and things WILL get better.

All the best

Debbie