any tips for quick and smooth B r

[Us The People]

im about to go bankrupt,personally and business, bit worried about loosing house as small equity, though a friend has offered to buy this from trustee when time comes, will trustee still have a charge on the house in years to come?

 

thankyou

Edited August 14, 2009 by Us The People
my ist post, it was late and after rereading feel its not in keeping with others in this section of the forum

[Tawnyowl]

When discharged there may still be assets that were owned either when the bankruptcy began or which were acquired before discharge, which the Trustee has not yet dealt with. These may include property, an insurance or pension policy, an interest in a will or trust fund etc.

These assets are still controlled by the Trustee, who can deal with them at any time in the future. This may not be for a number of years after your discharge. In certain cases such as your family’s home and some types of insurance policy, a spouse, a relative or a friend may want to buy your interest, in which case, they are to get in touch with the Trustee straight away to find out how much they would have to pay.

You must tell the Official Receiver about any assets that may have been obtained after the Trustee has finished dealing with your case but before you are discharged. These assets could be claimed to pay your creditors.

You have a duty to continue to assist your Trustee after you have been discharged.( I suppose after the trustee has sold the property they then they would have no further interest in it.)Have a read of this,the answers to many of your questions may be there.Tawnyowl http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/home.pdf

[Us The People]

Many thanks Tawnyowl,