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Dirk Gently | If I were declared bankrupt in England could I keep the house ? |
We have missed no payments on the mortgage and have no other secured loans but could have equity in the house of maybe £27,000. |
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simon p
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Firstly to answer those who say you cant keep your house, they are making a sweeping generalisation and not the whole truth. It is totally possible to keep the house but if there is equity the bank will want it, so it would depend if you can raise the amount of equity from means to pay the equivelent amount of the equity to the receiver. Once this is done the creditors can produce a document which states that they have no further interest in your property. This is important to have so that you know and have proof that the house has been dealt within the bankruptcy. If the house is joint owned (lets say 50/50 with someone who isnt going bankrupt) then the receiver is only entitled to half of the available equity (your share of it).
be wary of IVA's as these are often run by companies who help set a monthly figure of payback BUT a percenatge of that money goes to them, so if your creditors have a percentage line before writing off the debt it will take longer. In my opinion better than IVA is to go direct (via advice from the CAB) and get them to freeze interest and accept a lower monthly payment.
Bankruptcy does not affect your ability to be employed or self employed but if your earnings are extremely high (often much higher than actually needed to live on my experience) they can take a percentage of the wage/earnings.
Bankruptcy is a big step but you have to look at it as a way of securing yourself away from your creditors and stop bailiffs etc who might become involved and allow you to 'start over'. within a couple of years or so credit will become available to you again as the lending /credit field is very competitive and many financial institutions will look for people starting over again.
I would stress that if you think you can raise the equity in the house to pay creditors and keep the house then make sure you keep on paying the mortgage and dont fall behind, your mortgage lender will probably be very happy to keep you as a customer even though yuor bankrupt if you are a good risk.
DEFNITELY seek proper advice CAB etc before making a decision.
hope all goes well
good luck |
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kinvadave
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Your creditors would not allow you to be declared bankrupt if you have a considerable asset such as that. You would be compelled to sell or re-mortgage. |
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cazbah
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you will lose your house no matter what. i lost mine,the trustee puts a charge on it so he can come back at any time. i had negative equity and when house prices rose he forced the sale and took double what was owed because of the 8% interest charge. |
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noddy
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if you were made bankrupt the equity would be passed to the receiver even if it is part owned he can make you sell the house, his duty is to the people that you owe money to and not to you, it's not an easy way out but neither is an iva, my experience is they are like vultures and are just out to make money out of you, also the person who said your an idiot has not got a clue what he is on about, you can have a job and you can be self employed as well but any excess of money would go to the receiver, that's his job, sell your house get shut of the money rack up credit card debts go banky then move to spain its warm there |
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shaftedthrice!
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Just to throw confusion on the issue, my ex who has a share in my former house and still lives there (yes, I know ;-( ) has been made bankrupt by her creditors as although her share of house equates to 100k approx., she had no means of releasing equity or repaying same. The Trustees in Bankruptcy are now pushing for sale of house.....which makes me extremely happy! |
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xcalibr8
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It would depend on how much you owed when you or your creditor(s) petitioned for your bankruptcy. Strictly speaking you can be declared bankrupt for as little as £750.
Once you have been declared bankrupt, the Official Receiver is under no obligation to sell any asset that you may have, however they usually will dispose of any viable asset to ensure some percentage of repayment of the debt for the creditor(s).
Lets say that you have a unsecured loan of £20,000 that you default on. The creditor concerned has taken you to court and obtained a CCJ with a forthwith payment order. You fail to pay that order and your creditor issues you with a valid Statutory Demand which you also fail to comply with. With no repayment arrangement in place, the creditor now decides to petition the court for your bankruptcy and is granted the petition. It is after this point that all your assets must be declared to the Official Receiver, including any other debts you may have, and any wages that you may earn and other income.
If the Official Receiver, or yourself for that matter, cannot raise sufficient funds to clear the debts and costs from alternative assets then a forced sale of the property will likely occur to realise any equity in the property.
So to answer your question, under usual circumstances, more often than not, if the property has equity in it and you have no other means of clearing the debt then the house will be sold. |
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jaxxy
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Bankruptcy is a serious step to take, and there are alternative solutions with dealing with debt. If you are considering bankruptcy you should take advice from your local Citizens Advice Bureau (or similar organisation) or an insolvency practitioner.
Also may i say that the last person who answered that question was terribly rude and did not have to insult you.
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Giselle D
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hi paul
here are a couple of websites that will help you get the best information - they are charities, not a company trying to get business - and have lawyers, accountants etc who can give you the best advice for free, with no strings attached
they will also have the answers to many questions on their faq page
www.debt-help-uk.org.uk 0800 0789 056
www.insolvencyhelpline.co.uk 0800 074 6918
www.debtadvicebureau.org.uk
good luck |
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Spike .
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You can declare yourself bankrupt at any point you wish as long as you owe over £750, it will cost you around £500, then the official receiver will then take over your estate.
Your goods and property will be restrained upon though a car you own outright valued below £2,500 will be left with you and any goods below £1200 in value will not be taken. If you have a wife anything in her name will not be counted ( they mostly check on your bank accounts for the prior 6 months so take that into account).If she is shared owner of the house then she also has rights over it and these must be taken into account by the receiver. The official receivers office is now self funded so they are looking to gain c.£1700 to pay for themselves from your goods. Bankruptcy is not designed to stop you living or working.
My strong advice is to see an insolvency practioner, they will be able to advise you; they are on your side and usually the first interview is free. |
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Brill
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Paul B, given the limited amount of information you've given it's difficult to give an informed answer. The only advice I can give is make sure you deal with the problem rather than let it be dealt with for you by others under distress. Your £27k equity will rapidly disappear once the 'professionals' take their bite. |
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Liquidator UK
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If the property is jointly owned then your spouse will have the opportunity to purchase your share of the equity from the Trustee in Bankruptcy for an agreed fee. Your spouse's offer should be based on the force sale value of the property less sales costs, agents fees etc. In practice you may be able to offer as little as £5,000 in this scenario.
You should also be aware that the Secretary of State will charge a tax on any assets realised relating to 17% of any assets realised (after the first £2,000), plus your trustee will charge roughly 17% of assets realised as a fee.
If you need further info then this may help. www.tillmorris.co.uk |
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EMMA 789
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hi there, my husband went bankrupt for bills and credit etc, I didnt, the house was in both names as long as the mortgage company was happy then they didnt take it cos we hadnt missed any payments. The minute they want money and become a creditor too then they can. but with us because we werent behind with it then they didnt ask to take it or make us sell. that was a fair few years ago. Have u tried one of those things like takes all bills and u only pay back what u cn afford and they write the rest off instead. The advice is usually free from citizen advice etc.. Might be worth considerin that instead, that way you also keep your house. good luck. |
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Fellowcraft
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I assume the property is owned jointly between yourself and your partner?
If that is the case your assets are £13,500 however you may be able to offer the Trustee £10,000 to avoid legal costs and protraction. The costs of the Trustee attending court and getting a vacant possession order are not desirable to him.
Your spouse can get these funds from a personal or family loan and pay it to the Trustee who will transfer the property into your partners sole name.
The biggest problem you will encounter is that the mortgage will be in his sole name also, and if his income isn't high enough, or the loan to value is too high, the lender may reject it. You will then need to find a lender who will take you forward.
Hope this helps. |
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cliffyardfert
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You are deluding youself. They will want everything including your shirt. Bankruptcy is really the last resort when all else fails. They are not interested in your welfare but only in retrieving their money. |
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flowergirl
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My husband was declared bankrupt in 2001. We had never missed mortgage payments and had equity of £30k in our house.
The bank didn't take our house, but if i remember we had a choice through the people who dealt with the bankruptcy to sell up and pay what was required or pay an agreed sum to stay put. Either way it will cost you a lot of money or your home.
We chose to sell up as we just didn't have the money that was required.
Put it this way - if you have any money at all whether it is bonds, savings, insurance policies etc, it will all be put into a pot and shared out.
It's the worst thing we've ever been through - it nearly tore us apart.
We are still struggling now after 7 years.
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Manoj A
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you couldnt keep the house if you were made bankrupt,correct me if i am wrong you would only take bankruptcy of your debts although its always better to speak to lenders or after the bankruptcy your property would be the asset for lenders to secure monies. |
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happyscouser2004
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HERE IS A GOOD WEB SITE THAT WILL ANSWER ALL YOUR QUESTIONS ITS ONE OF THE BEST
bankruptcyhelp.org.uk
good luck |
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RICHARD W
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When buying a house jointly its always worth setting up your ownership as 'tenants in common' via your solicitor. In our property ownership I own a small % of the property, and if I or my partner was to go bankrupt, the OR would only have claim to your part of the estate. Even if their claim was the highest % value of the property, they could not force the sale unless ALL parties agree to it. They could however place a charge against any future sale value.
Doing this gives you the protection and security of knowing your home is safe.
Interestingly Banks dont ask about this when lending money, and if I am correct, each party under the agreement is only liable for the mortgage for the % of property value they own. |
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peter g
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How can you say you have £27k equity when the housing market is in a state of collapse? Any equity is entirely theoretical and dependent on a successful sale which is not certain. Here the rights of the mortgage company have to be considered since they have a majority interest in the property. I know trade tools required to earn a living and essential furniture are ring fenced and so too may the house. If the money demanded is made up of unfair bank charges for bounced cheques and admin you can deny that the money is owed at all.
Rather than get advice from strangers who think they know what they are talking about, it will work out cheaper in the long run if you go to a solicitor or citz advice. Avoid debt advisors who charge a commission.
If you really do have equity you could lose it by increasing your mortgage and using that to pay off the debt. But rather than pay more in interest ur better off with a voluntary arrangement which has no interest charged |
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garry r
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no |
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Vicky k
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A few things here really;
1) If you have no debt, or problems paying debt, why would you want to make yourself bankrupt?
2) If you have means of paying your current mortgage and can afford it, the Official Receiver will not let you go bankrupt anyway.
3) If you are struggling and you cannot afford it ie the house, the OR will pass the house debt to the other person (if you jointly own the house), and they will the have to cover your mortgage.
4) If its just for getting equity out of the house, the best way is to re mortgage, no?
5) Best website I ever used http://www.debtquestions.co.uk/ plus check out the forum if you have specific questions. |
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alfie h
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who is being made bankruptare you married or have a partner with an interest in the house.
we just sell the house to the partner. i am a mortgage adviser and can help
alfie |
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ADRIAN
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Find someone you really trust, and I mean trust, get them to put a charge on your property say £30000 via a solicitor, then They would be 2 charges on your property and a third would not be very likely to succeed by your chasers! |
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