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Bruno Santos
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Hi All
I am new to this forum but would like to ask the following question.
If I cannot maintain my payments and I fail the IVA, is going bankrupt the only option.
My wife is divorcing me and wants to keep the house for the sake of our two children. So if I go bankrupt can they make me sell the house which I only own 50% of even if I do not own it outright.
My so to be ex wife thinks they cannot not.
Pls advise
Tks
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plasticdaft
Forum Expert
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How much equity is in the property?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Bruno Santos
- Posts: 5
- Joined: Tue Jun 29, 2010 9:59 pm
- Location:
plasticdaft wrote:
How much equity is in the property?
Paul
About £20K before any fees and costs
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plasticdaft
Forum Expert
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If you went BR the official receiver would allow your wife to buy you out I believe(if she is in a position to do so). If thats not possible you would be expected to somehow release your share of any money tied up in the house I am afraid(to the benefit of your creditors).Thats not to say you would be forced to sell but they could put a charge on the house.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Bruno Santos
- Posts: 5
- Joined: Tue Jun 29, 2010 9:59 pm
- Location:
plasticdaft wrote:
If you went BR the official receiver would allow your wife to buy you out I believe(if she is in a position to do so). If thats not possible you would be expected to somehow release your share of any money tied up in the house I am afraid(to the benefit of your creditors).Thats not to say you would be forced to sell but they could put a charge on the house.
Paul
Ok tks Paul
I owe about £19K on my IVA. If I was to make a lump sum full and final paymenT what do you think I should be aiming for given my situation.
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plasticdaft
Forum Expert
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- Joined: Wed May 21, 2008 12:45 pm
- Location: United Kingdom
How far into the IVA are you?? Any full and final will have to offer creditors pretty close to the original dividend unless there are special circumstances,which arguably you have in your case,given that you will be finding somewhere to rent etc.
What was due to happen to the equity in the IVA?
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Bruno Santos
- Posts: 5
- Joined: Tue Jun 29, 2010 9:59 pm
- Location:
I am about 10 mths into the IVA. There was to be some equity release in the 4th year. But you are right. With child maintenance and somewhere to rent I am screwed. I can get my hands on from a friend of about £10K. But is this too little given my circumstances?