personal stories .. bankruptcy

[phat256]

sugarbabve don;t worry about it ! ASK ANYTHING YOU WANT this why this thread is all about!

 

the OR interview usually last between 30 min to one hour over the phone or face to face.

 

they gather all informatiojn regarding your financial record, payslip, asset if you have any, mortgage or home .. your landlord detail if u rent your cinomce and expenditure. All your bank statement, credit card and debit card from the last two years well everything.

 

before you go bankrutp, you should seek some legal and financial advice i recommand National debtline they are very impartial and very good !

 

CCCs didn;t want to knwo about me or help me as i didn't have enough surplus for a DMP so they told me bye byer come back when you have some money lol

 

be warned you will loose all control all of your asset ( as wella s your bank account) and belongings, all of these will be transfer to the OR.

 

good luck

[phat256]

i can;t believe the cheek of my council they rang me up today regarding my arrears which they know are they were included into my bnakruptcy , they rang me up to have further information why thewy just won;t ring or talk with my OR ?

when i told them i will contact my OR and told them that they are still contacting me and asking me for money and as such they are breaking the law they were like ohh no don't do that it takes time to be processed etc.....

they are absolutely useless it is the only one for the moment who still doesn't get tht my arrears are written off . then the call centre guy even told me that arrears cannot be included into BR to which i replied Fxxk off and hang up !

[blue4ever]

hi phat256

be warned you will loose all control all of your asset ( as wella s your bank account) and belongings, all of these will be transfer to the OR.

 

The OR in my case, belongings was not touched by the OR,

[phat256]

my belonging will not be touched as do not have anything of value i do not have a bank account for the moment as halifax froze mine and it will be closed in 2 weeks time, in the meantine i am waiting for BArclays to open me one .

 

regarding my asset i do not have any and i mean nothing at all no car no house no picasso etc... .

 

what chesse me off is the attitude of the council they know that the debt has been "transfer" to the OR but they prefer to fish for info to me which obviosuly i do nto answer i just otld them the OR phone number .

[majik]

Sorry to be the bearer of bad news here but i dont think council tax can be written off in a bankruptcy (few other things aswell)

 

Have you checked with the OR about this ?

 

I am in disscussions with them atm about my partners ex husband who lied to make himslef bankrupt.(we have prooved this to the OR who are now investigating futher and asking where the £3,500 cash + £2,000 assets he haswent as he choose not to pay all creditors for 6 months and just "spent the money".) He is just choosing not to pay creditors as opposed to cant which actually makes it harder for the people who have a real need to declare themselves bankrupt. (was bankrupted owing £9,250 and earns £16,000 a year and lives rent free with his mum !!!)

 

There is a thread on here about it if anyone wants a read etc.

[phat256]

yes council tax arrears can included in your Bankruptcy the OR is aware of that as it was one of the reason that my creditor got nothing from me .

 

if your ex-husband had such amount of money then the OR has a lot power to investigate and make his life difficult .your ex-husband can have a BRO/BRU agaisnt him .

[Sugarbabe47]

Hi all

I am seeking advice from C.A.B and they advised me to make sure I am not in rent arrears as I could lose my rented home. I have lived here for 19 years and only owe 3 weeks rent now (from over 2,000 pounds arrears when my ex left-unbeknown to me that he hadn't paid the rent but spent it on himself!!!) So I am really struggling with should I shouldn't I? I know for my health it is a good move but like I have said all along I am scared stiff of losing my home and everything (what little I have got) through going bankrupt-even on the advice of CCCS and C.A.B. However thank you all for the kind words, my life is in such a mess at this time and I just want to stop struggling and struggling, working 50 hours a week isn'tgood for my health, and I aint no spring chicken

[Sugarbabe47]

Thanks DZZ.

Much appreciated.I am so confused:confused:

[majik]

Cheers phat256, I have just sent all info requested back to the OR and they are investigating it further. Will hopefully get back to me by 12/9/2008 so letters atates although it also states that they have no intention of returning to court.(BRO can only be made by the court correct ?) So not quite sure what is happening to be honest.

[phat256]

the roel of the OR is to find out why you went BR ?doyou have any asset of value ? have you acted irresponsibly ? etc...

 

opnly a court can order a BRO/BRu but usually it is the OR who recommand it and start the process if i am not mistaken. it is rare although to get a BRO/BRU.

 

however be warned that your ex-husband does not have any say anymore regarding his asset and what he has had is now more or less the belonging of the OR ubntil they say they have no interest on it.

 

c

[majik]

He claims he has no assets, so he has either sold them and pocketed the money or has moved them somewhere ?

 

Hopefully have final answers from OR this time next month and will go from there.

 

Owes me £3,100 which occured after the bankruptcy so i will start legal action to reclaim that once he has been discharged if the OR don't help me out.

[phat256]

o gather that youiare one of his creditor then if he owes you any money you will have to claim it from his OR. i think the OR is preparing his report and you wil lhave a copy of it.

 

however when he will be undischarged you won't be able to sue him for the money has his will not be anymore liable for his debt once discharged. Bankruptcy disahrged you from any laibility form your pre-bankruptcy debt and that he 's right i am afraid. the OR will not help you as such they wil only tell you if he has any asset to share between creditor, and if he has any surplus after paying all his expenses then . if he has any surplus then half of it will be shared equally between each of his creditor and this is what an OR does.

 

the OR does work for your ex-husband as he has paid them to do this investigation.

 

if he owes 3100 pounds after BR then you must be sure that he has the money to repay you before starting a court proceeding as he can be costly for no or little return. what are the 3100 pounds if u don't mind me asking? as an undischarged Bankruptcy u are not allowed to get credit whatsoever !

 

it hasd been known that some Bankrutpcy sold item to pay for their BR fee , if he has moved the money somewhere or pocketed the money the OR will know about it. As the OR told you he has no asset then i think you should think carefully before starting any court proceeding as you may not have your money in return

[majik]

Thats were it gets confusing lol !!

 

He was bankrupted in March this year, He didn't owe me any money then. His debt to me didn't occur until May this year so this couldn't have been written off as it hadn't happened.

 

OR originally stated (Last month once baliffs had called) that i was now a creditor and that i wouldn't get anything back. Following the new evidence the OR has retracted that and will look into it further (Should have reply by this time nest month).

I started Court action against him in May, CCJ was placed against him in June (He ignored LBA and Court paperwork) Baliif's visited in July and then he decided to inform the OR about me and this debt ??

 

OR report was completed in April and they are now having to re-look into everything. His list of creditors is wrong by £3k also he claims that his problems started when we split and his income reduced (again a lie he had 2 weeks off on Full Sick Pay and i made no contribution to the debts in his name etc)

 

I have requested a copy of his Income and Expenditure which has been refused by the OR. I have requested it as the OR report is full of lies most of which i have proved. 1 thing i can't prove is the fact that he is living rent free with his mother. I wanted a copy of this so i could see what he has put down as outgoings (e.g. he has lived there since May last year so any "rent" should have been paid from then. I strongly believe that he has simpy put £X down as rent to reduce his disposable income as OR state he has no funds for IPO). A mutual friend has confirmed that he is living rent free and only pays for food etc. Clearly i find it very annoying that he earns £16k a year and has wiped out the £9k debt he owes. He simply choose to spend his money instead of pay creditors hence the new evidence to the OR etc.

 

As i have stated if it was for REAL reasons then i have no issue but to me "choosing" not to pay any credit for 6 months (50% of his over debt would have been cleared if had paid them on time etc) and selling/moving all your assets then declaring yourself bankrupt is just plain wrong.

 

I am also annoyed as it appears he has delibrately left it 4 months before informing me of his bankruptcy (appeals should be within the first 12 weeks according to OR leaflet)

 

I still dont understand how someone earning £16k or £1,100 after tax a month cannot afford to pay his creditors.

He has no Kids/Car/Living Expenses of any real kind but appears to just live the high life etc.

 

The £3,100 owed is following a Breach of Contract which is signed after 6 weeks before declaring himself bankrupt.

 

I understand what your saying about him not having funds to pay it etc but he is in full time employment and has been with company for around the 5 year mark so can afford to pay monthly installments which is what was originally agreed.

[phat256]

sorryumajick i am not having a go at you i struggle with my conscience before declaring myself as i did get all thee loan credit card etc.. but what most peole don't realize BR is not an easy way out for years to come i will a financial leper !

 

 

however i could give much advise from my own experience and from the experience of other bankrutp i met

 

Thats were it gets confusing lol !!

 

He was bankrupted in March this year, He didn't owe me any money then. His debt to me didn't occur until May this year so this couldn't have been written off as it hadn't happened.

 

if the debt weas incurred before he decalred BR then i am afraid it will be written off

OR originally stated (Last month once baliffs had called) that i was now a creditor and that i wouldn't get anything back. Following the new evidence the OR has retracted that and will look into it further (Should have reply by this time nest month).

this mean that huis fiancnial situation may have changed or his acted irresponsivbly or has you said he is hiding few things (which i think lying to the OR is pretty stupid and reckless, and the repercusion can be dire ,as you will be found out very quickly !) but i will not get my hope up if you see what i mean! if the OR concluded that he has nothing then he can't give nothing towards his creditor. trust me the interview with an OR is very intimidating , they donlt leave any room for maybe !!!

I started Court action against him in May, CCJ was placed against him in June (He ignored LBA and Court paperwork) Baliif's visited in July and then he decided to inform the OR about me and this debt ??

 

CCj will be irrelevanbt i think however soemlese may have more knowledge than me as when you are undischarged you are under the protection of the court and all creditor no matter how big or small have to ask to the OR

 

OR report was completed in April and they are now having to re-look into everything. His list of creditors is wrong by £3k also he claims that his problems started when we split and his income reduced (again a lie he had 2 weeks off on Full Sick Pay and i made no contribution to the debts in his name etc)

 

This can happen i could not remenbered all of my creditor when i was declared BR . this why your name get published in your local newspaper and the london gazette, so any creditor can see that you BR and then contact the OR

 

I have requested a copy of his Income and Expenditure which has been refused by the OR. I have requested it as the OR report is full of lies most of which i have proved. 1 thing i can't prove is the fact that he is living rent free with his mother. I wanted a copy of this so i could see what he has put down as outgoings (e.g. he has lived there since May last year so any "rent" should have been paid from then. I strongly believe that he has simpy put £X down as rent to reduce his disposable income as OR state he has no funds for IPO). A mutual friend has confirmed that he is living rent free and only pays for food etc. Clearly i find it very annoying that he earns £16k a year and has wiped out the £9k debt he owes. He simply choose to spend his money instead of pay creditors hence the new evidence to the OR etc.

 

i will not get that far to say OR investigation and their report are full of lie, they are very thorough and accurate , trust me i have been through it and by my own experince, thier interview are anything but a walk in the park, you feel like a criminal ! they ask everything about your situation eand they will know if you are lying !

 

regarding the rent free i doubt it ( sorry no pun intended here ) but the OR ask for any proof of rent payable and even tenancy agreement. for each expenses you must be able to prove it. when you fill your BR form it says that you have to send to the OR a copy of your tenancy agreement, failing to have that then you have to send proof of rent payment suh as rent book etc..

As i have stated if it was for REAL reasons then i have no issue but to me "choosing" not to pay any credit for 6 months (50% of his over debt would have been cleared if had paid them on time etc) and selling/moving all your assets then declaring yourself bankrupt is just plain wrong.

 

yes it is i am afraid and this is why i thought i delayed my BR i though i could always repaid them when i couldn't really i took more loan and credit card. .for me it was moer of robbing peter to pay paul ! not very nice i know but i could not afford to pay for food, clothes, my utility bill etc... . BR is a right than an individual has to relieve of his/her debt when he/she is unable to pay it back.and as such you are under the protection fo the court from your creditor. living with BR is not easy you live a stigma and a feeling of shame ! there is job u will never be able to do etc... ....

 

I am also annoyed as it appears he has delibrately left it 4 months before informing me of his bankruptcy (appeals should be within the first 12 weeks according to OR leaflet).

 

i do not know anything about it ! but i know some OR can overulled any appeal from the creditor if it appear that he has no asset ! he is not allowed to talk to his creditor period.

 

I still dont understand how someone earning £16k or £1,100 after tax a month cannot afford to pay his creditors.

He has no Kids/Car/Living Expenses of any real kind but appears to just live the high life etc.

 

i think this may be why the OR has another look to his court case ... i can tell you my partner and i earn roughly that and it is very hard to get by !

 

 

The £3,100 owed is following a Breach of Contract which is signed after 6 weeks before declaring himself bankrupt.

 

then i am afraid he is not liable to it sorry to be the bearer of bad news but once he will be discharges he will not be anymore liable to it. and it is a defence in any county court claim ypou wish to take. however the fact he took a credit close to his BR day he may be elliglibe for a BRO/BRU,a stitis big no no with the OR. the fact he signed this agreement before he declared himself BR then it is included in his BR adnas suhc u are one of his creditor and u will have to deal with his OR the same as the other one.

 

I understand what your saying about him not having funds to pay it etc but he is in full time employment and has been with company for around the 5 year mark so can afford to pay monthly installments which is what was originally agreed.

 

 

You have to understand that while he is an undischarged BR he is not allowed to talk to his creditor, not to make any payment towards them, as if he does he will be seen as preferential payment and he could get into trouble etc.... i am afraid he is not allowed to talk to you regarding that this is the law.

 

Before the the OR interview, a BR received a form to which we have to sign which specifically told whaT a BR can and cannot do.

[majik]

Originally Posted by majik

Thats were it gets confusing lol !!

He was bankrupted in March this year, He didn't owe me any money then. His debt to me didn't occur until May this year so this couldn't have been written off as it hadn't happened.

if the debt weas incurred before he decalred BR then i am afraid it will be written off

The debt in question is 50% of the shortfall from the sale of our property, It wa sonly sold on the agreement that he put the shortfall into his own name as the whole of the shortfall is where he chose to spend the money and not pay the creditors for 6 months etc.

OR originally stated (Last month once baliffs had called) that i was now a creditor and that i wouldn't get anything back. Following the new evidence the OR has retracted that and will look into it further (Should have reply by this time nest month).

this mean that huis fiancnial situation may have changed or his acted irresponsivbly or has you said he is hiding few things (which i think lying to the OR is pretty stupid and reckless, and the repercusion can be dire ,as you will be found out very quickly !) but i will not get my hope up if you see what i mean! if the OR concluded that he has nothing then he can't give nothing towards his creditor. trust me the interview with an OR is very intimidating , they donlt leave any room for maybe !!!

Whilst i accept that he informed the OR he has nothing 6 weeks earlier when we sold the flat he took all the items etc so in the 6 weeks he has either sold them or hidden them.He has been employed for pat 5 years with same company so financial situation hasn't changed that much if at all.

I started Court action against him in May, CCJ was placed against him in June (He ignored LBA and Court paperwork) Baliif's visited in July and then he decided to inform the OR about me and this debt ??

CCj will be irrelevanbt i think however soemlese may have more knowledge than me as when you are undischarged you are under the protection of the court and all creditor no matter how big or small have to ask to the OR

CCJ occured as he ignored all paperwork for 4 months then forwarded it onto OR, Court has confirmed that CCJ stands.

OR report was completed in April and they are now having to re-look into everything. His list of creditors is wrong by £3k also he claims that his problems started when we split and his income reduced (again a lie he had 2 weeks off on Full Sick Pay and i made no contribution to the debts in his name etc)

This can happen i could not remenbered all of my creditor when i was declared BR . this why your name get published in your local newspaper and the london gazette, so any creditor can see that you BR and then contact the OR

I have requested a copy of his Income and Expenditure which has been refused by the OR. I have requested it as the OR report is full of lies most of which i have proved. 1 thing i can't prove is the fact that he is living rent free with his mother. I wanted a copy of this so i could see what he has put down as outgoings (e.g. he has lived there since May last year so any "rent" should have been paid from then. I strongly believe that he has simpy put £X down as rent to reduce his disposable income as OR state he has no funds for IPO). A mutual friend has confirmed that he is living rent free and only pays for food etc. Clearly i find it very annoying that he earns £16k a year and has wiped out the £9k debt he owes. He simply choose to spend his money instead of pay creditors hence the new evidence to the OR etc.

i will not get that far to say OR investigation and their report are full of lie, they are very thorough and accurate , trust me i have been through it and by my own experince, thier interview are anything but a walk in the park, you feel like a criminal ! they ask everything about your situation eand they will know if you are lying !

But his states that he tried to pay evertone and it all got too much, however i have proved that he stopped paying all creditors 6 months before bankruptcy and just blew his wages each month etc.

regarding the rent free i doubt it ( sorry no pun intended here ) but the OR ask for any proof of rent payable and even tenancy agreement. for each expenses you must be able to prove it. when you fill your BR form it says that you have to send to the OR a copy of your tenancy agreement, failing to have that then you have to send proof of rent payment suh as rent book etc..

As he is living with family in rented council accomidation there is no "rent book" or tenancy agreement with his name on as its his mum and dads house so therefore neither could be correctly provided.

As i have stated if it was for REAL reasons then i have no issue but to me "choosing" not to pay any credit for 6 months (50% of his over debt would have been cleared if had paid them on time etc) and selling/moving all your assets then declaring yourself bankrupt is just plain wrong.

yes it is i am afraid and this is why i thought i delayed my BR i though i could always repaid them when i couldn't really i took more loan and credit card. Again he has chosen not to pay creditors for 6 months not borrowed to pay them etc .for me it was moer of robbing peter to pay paul ! not very nice i know but i could not afford to pay for food, clothes, my utility bill etc... . BR is a right than an individual has to relieve of his/her debt when he/she is unable to pay it back.As already stated if its proved he cant pay it back then fine but when im struggling to pay bills etc and he owes me £3k and is flying to spain regulary and going out pub/club 2-3 times a week it's plain wrong !! and as such you are under the protection fo the court from your creditor. living with BR is not easy you live a stigma and a feeling of shame ! there is job u will never be able to do etc... ....

 

I am also annoyed as it appears he has delibrately left it 4 months before informing me of his bankruptcy (appeals should be within the first 12 weeks according to OR leaflet).

 

i do not know anything about it ! but i know some OR can overulled any appeal from the creditor if it appear that he has no asset ! he is not allowed to talk to his creditor period.

 

I still dont understand how someone earning £16k or £1,100 after tax a month cannot afford to pay his creditors.

He has no Kids/Car/Living Expenses of any real kind but appears to just live the high life etc.

 

i think this may be why the OR has another look to his court case ... i can tell you my partner and i earn roughly that and it is very hard to get by ! But you proabably pay some kind of rent/run a car etc. As he doesn't and can afford to play golf at least twice a week there seems to be surplus funds etc.

 

The £3,100 owed is following a Breach of Contract which is signed after 6 weeks before declaring himself bankrupt.

 

then i am afraid he is not liable to it sorry to be the bearer of bad news but once he will be discharges he will not be anymore liable to it. and it is a defence in any county court claim ypou wish to take. however the fact he took a credit close to his BR day he may be elliglibe for a BRO/BRU,a stitis big no no with the OR. the fact he signed this agreement before he declared himself BR then it is included in his BR adnas suhc u are one of his creditor and u will have to deal with his OR the same as the other one.

Court that issued the CCJ was the same court that bankrupted him and have stated to me that the CCJ stands as it was not listed in his bankruptcy and was a condition on the sale of the property etc, Also had he attempted to defend the CCJ then they make have amended the payment plan etc but as he didn't and seems to have delibrately avoided mentioning it to OR that it stands until im told otherwise.

I understand what your saying about him not having funds to pay it etc but he is in full time employment and has been with company for around the 5 year mark so can afford to pay monthly installments which is what was originally agreed.

 

sorryumajick i am not having a go at you i struggle with my conscience before declaring myself as i did get all thee loan credit card etc.. but what most peole don't realize BR is not an easy way out for years to come i will a financial leper !

however i could give much advise from my own experience and from the experience of other bankrutp i met

You have to understand that while he is an undischarged BR he is not allowed to talk to his creditor, not to make any payment towards them, as if he does he will be seen as preferential payment and he could get into trouble etc.... i am afraid he is not allowed to talk to you regarding that this is the law.

Before the the OR interview, a BR received a form to which we have to sign which specifically told whaT a BR can and cannot do.

I am not speaking to him i am only dealing with the OR and i have not asked him for payment and will do do so until i know i can

Edited August 14, 2008 by majik

[majik]

Hi

 

If someone could point me in right direction that woudl be great.

 

Problem i have is i have CCJ against someone which court state is valid and stands.That person made himself bankrupt about 2months before i started legal action so the OR state that the debt has been written off in bankruptcy ?

 

Who is correct ? Court have informed me that once he is discharged he is then able to start paying me what im owed as per County Court Judgement. OR state that its been written off in his bankruptcy ?

 

Is their a governing body i can go to for a answer ?

 

OR have written to court/judge and asked them to re-consider that he was made bankrupt and i have not heard anymore.

If the court reverse the CCJ who/how do i claim my court costs back ?

 

I was not aware that he was bankrupt until after i had won CCJ and sent baliffs in !

[freshlarry]

I have recentley petitioned for my own bankrupcy and had to sign and agree to an IPA.

 

The IPA agreement just said that I will have a nil tax code and pay £300 a month, which they calculate will be which extra money I will get in my monthly taker home salary.

 

MY IPA does not say anything about ever paying anything more than this.

I think it said just until the end of the tax year.

 

 

I was just wondering will I have to pay anything other than this each month?

And what happens at the end of the tax year?

 

I thought I would also have my take home salary dipped into as well.

After my bills, rent and other things had been deducted.

Although under my own calculations it was under £100 left excess, and noone has agreed with or disagreed with this.

 

 

I was told no formal interview will be needed after the information I gave and the short chat I had on the phone to 2 of the staff on different days, whom had called me. But if this should changed in the future, they will write to me, and in the meantime sign and date the forms enclosed.

One being the IPA.

But then again today someone called me and asked the same questions, so you've been working with your company since blah, and you have 2 loans, and do you live at a council place? Even though it clearly answers these questions on the form and clearly says I live in a housing association place.

 

So was just wondering what happens now? And also why have I not just been interview once thoroughly instead of getting small 5 minute calls now 3 times in 6 days?

 

Not meaning to hijack anyones thread, but would appreciate some advice and information here.

[GeorgeNash1850]

During the year of your bankruptcy your tax code will change and you won't pay tax directly to the inland revenue.

 

The IPA is a different thing and is a monthly cash payment based on your income and expenditure which lasts for 3 years from the date of your bankruptcy.

 

It's quite common for the OR not to require a face to face interview. I'm surprised it has been so bitty though. Normally its a good couple of hours on the phone going through all the same information you put on your petition.

[freshlarry]

Thank you for your information.

I was surprised to that it has all been so bitty and I didn't have an indepth interview.

I did recentley speak to someone else for about 10 minutes and he said it was just a NT IPA I signed.

They have now caluclated that things and additionally have said I have to pay them £140 back each month for 3 years.

Although on the NT IPA it was calculated that I pay £300 a month tax, and I signed this, but should not have done as that calculation is out as my pension contributions went up since I filled out my bankrupcy petiton a few months ago.

So now I am going to email them with a copy of my payslip which shows I only pay £270 tax a month, not £300.

I should have done this before I signed the NT IPA, but wasn't thinking straight as didn't get one proper interview, just random short calls at unexpected times, hence had to have awkward conversations whilst at work or out on the streets.

Not sure if it will also make a difference to the amount they have also said I have to pay as well as I take home £40 less a month now than I did when I filled out and printed out the petition for my bankrupcy.

[cvernon114]

Hi i have debts of approx 6k i have learning difficulties and being in debt is making it evern tougher for me i dont evern know were to begain i i dont have much money to offer to repay my debts so is Bankrupcey the best way out of debt for me i have about 100 a mouth left over after the inportant bills has been paid like rent college and food and so on

 

im thinging of making myself bankruped in march when i saved up the fee of 510 im going to get though with vary little for myself

[Parkvale]

That feeling of being out of control and losing everything with bankruptcy is just not true. It is certainly life changing and my own personal experience is that there is certainly life after bankruptcy.

The decision to go bankrupt is yours and yours alone. You can have all the advice in the world. but it is you that has to live with it and adjust your life accordingly.

With your particular problems and amount of debt involved have a look at a DEBT RELIEF ORDER.

Debt relief orders

 

Good luck

 

Parky

[Liz Southern]

Hi

 

If you don't mind my asking, if you had a house, what happened to it?

 

Regards

Liz Southern

[Parkvale]

Liz

Had 3 houses. 2 buy to let and one as my residence.

The 2 buy to let i just let them be repossessed and my own residence is in negegtive equity so the O/R was not very interested in it My partner is now looking to buy the beneficial interest from the O/R. If you have little or no equity in your property and are up to date with your mortgage it is highly unlikely that your mortgage company will repossess.

Good Luck

Parky

[Liz Southern]

Hi

 

I have had occasion to deal with Insolvency, and I understand the position to be that if you are in negative equity you can immediately ask the Official Receiver to revest the beneficial interest in your property back to you. You will need to provide a written valuation from an estate agent and pay the OR about £510 from someone else's bank account. If you produce about £510 in cash for example [£1.00 for the property value and the rest legal fees], the OR will take it into the bankruptcy pot.

 

(May I suggest that anyone who needs to, should call the Insolvency Gov Enquiry Line on 0845 602 9848.)

 

If someone else gives the OR a cheque from their bank account for £510 the OR will revest the property back to the person who has been declared bankrupt. You don't have to wait until you are discharged, as the value of your home may rise. You can and should do it as soon as you are made bankrupt. The other reason for doing this without delay is that the OR wants to get everything done as soon as possible, so he/she can look at discharging you earlier.

 

Regards

Liz:)