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Hello

Can anyone tell me if this is true, we're in negertive equity on our property and we're having to put in for bankruptcy, i work but after paying mortgage and secured loan it leaves me with £200 left over the missus is on benefits and unable to work. we have been told by a bankruptcy company that after putting in for bankruptcy and it going to the official receiver, we can actually put our names back on the deeds of our house for a fee instead of loosing the property is this conclusion right? also if this is what happens in the mean time do you carry on paying the mortgage and secured loan with the exisiting companies for the mortgage and secured loan. Any info would be helpful thanks in advance.

Hi,

Had you thought about doing an IVA instead of BR?

If you were to go bankrupt and your house is in negative equity then you can buy back the beneficial interest for a cost of £1 plust £211 costs. You must continue to pay your mortgage and secured loan otherwise you will lose the house.

I would give a professional a ring. Visit www.iva.com for a list of companies. Give one or two a ring and you will receive free and impartial advice about ALL the options open to you and the best one for your circumstances.

What sort of fee were this company actually talking about? Theirs? Or the costs you would have to pay to the Trustee?

The principle of what you have been advised is correct, but personally I would do my own negotiating with the OR and avoid any unecessary costs.

Melanie is right - you don't need anyone to advise you to negotiate buying back the house for 0ne pound and the fee from the OR. As long as the mortgage continues to be paid you'll be fine.

Otherwise speak to an IP and give him/her all of the facts.

Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with. They will give you
the most appropriate advice and it is free.

You don't need anyone to help you go BR either - the fees are £510 and you can fill the forms in online here:

https://www.insolvencydirect.gov.uk/isolv/

..and if you need help with filling in the forms, we're all here for you [;)]

Thanks everyone i will be asking (you can guarantee that!!!) will let you no how we get on too x

No problems we are here to help you if necessary.

hi all can anyone please explain the procedure of bankrupsy, we no we have to apply to the court for our papers to start proceedings, and make a app to have our bankrupsy put through. After that does the OR take over and put his name on our property, let the creditors no the situation and take over our debt, and how do we apply to get his name taken off the deeds and our names back on if anyone has the time to reply with a step by step approach that would be really appreciated thanks

It sounds like you have loads of questions needing answering, one of the experts will answer comprehensively. Also I am sure a 20 min phone call to a company would do wonders to help you.

Hi

I was checking out bankruptcy the other night and I found loads of useful downloads on the offical receivers website. They explain everything in plain English - very helpful.

Go to the website below and select your local office.

http://www.insolvency-service.co.uk/officemap.htm

Hope this helps. Shout if you need anymore help.

Hi - first of all you need to speak to a professional to make sure BR is the best option for you. The judge will ask you if you've taken advice and who from.

If you are sure abot going BR, then you telephone your court to se if an appointment is necessary. Different courts have different procedures, some are "walk in" courts and some have waiting lists. We waited 2 weeks for an appointment. You also need to ask the court if the papers should be signed before you attend or court, or when you arrive ( so they can be witnessed).

The actual form can be completed online...Jan has posted the link for you. You can save as you go along, so no need to complete in one go. Its also not as daunting as it first looks.

When you've been declared BR, you will have an interview with the OR. This maybe a telephone or face to face meeting, again it varies. The OR will contact the creditors and deal with the property.

If someone is buying out the BI of the property, the OR will contact them in due course.

Depending on your disposable income there maybe a payment order set in place. This runs for 3 yrs, although if everything runs smoothly the actual BR order will be discharged after 12 months.

Basically, when you become BR the OR will take over your financial affairs.

Hope this helps.

Important prior to doing as Swanns girl indicates is to have a chat with an IP to see whether bankruptcy is the appropriate solution for you.

Hi, thanks to you all thats taken time to answer my questions really appreciate it x
Can you please tell me if its ok to tranfer our account from one bank to another bank as we have been accepted in principle but the new bank are asking for old account details so they can open the new account (wages etc) bearing in mind we owe old bank a o draft and there are creditors whom are not going to be paid when we declare the bankrupcy, will this affect the new account or should we wait till after our bankrupcy date. We've done this first so we could get money sorted for the account to live on as we have been told the old account will be frozen because we owe them money and any funds in the old account will be their's (confused anyone?? think i've confused myself!!) so i'm basically asking if when we've declared bankprupcy will it affect the new account. Thanks for any info in advance

There should be no problem in you transferring from one bank to another - and I would get this in order before the bankruptcy if I were you. Once you are made bankrupt, your new account will be temporarily frozen, but this can soon be sorted out with a quick call from the OR to your bank. Try and make sure there is not too much money in the account on the day you go to Court.