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Stuart J
Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 19867
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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I live in a gated secure property and have received a 48 hr

Resolved Question:

I live in a gated secure property and have received a 48 hr notice from a hceo officer.
I have been advised to go bankrupt due to not having funds to paty the debt
What are the rules regards XXXXX XXXXX can i go to court tomorrow and declare myself bankrupt
Submitted: 1 year ago.
Category: UK Law
Expert:  Stuart J replied 1 year ago.

Thank you for your question here on Just answer. It is my pleasure to try and assist you with this today. Please bear with me if I need to ask for any further information from you in order for me to be able to advise you fully. My name isXXXXX and I am a practising solicitor. I have been an expert on this website in UK law since 2008. During that time, as you appreciate, I have answered thousands of questions from satisfied users on a variety of subjects. Because we are all in practice with clients and court and other users, I might not always respond in minutes, particularly evenings and weekends. Please bear with me in that case. I will be online and off-line all day most weekdays and weekends.

 

 

Can we have the full background to the question please?

 

do you own a house that you live in?

 

u I will be off-line shortly until tomorrow but will pick this up then

Customer: replied 1 year ago.

I am a sole trader business and we used an hotel in bristol for lodging for our employees.


We have lost alot of money on a project and i have been advised due to being a sole trader to go bankrupt


My property( my name only) has three charges against it so no equity.


Debt is £25k and i have no money to pay


Father is paying my mortgage for along as it takes to get through bankrupcy if i need to do that tomorrow/friday


I ceased trading in the business in may 2013 due to debts

Customer: replied 1 year ago.
Relist: Incomplete answer.
Expert:  Stuart J replied 1 year ago.
You are faced with filing bankruptcy petition at the local County Court. There is no reason why you cannot complete it tomorrow and file it tomorrow. There will have to be a hearing but you can give a copy of the application to the HCEO and the chances are that you will not hear from them again. Not all County Court to deal with bankruptcy so do ring the court first to make sure that it is the correct court because you may need to visit a slightly different one. Before doing that, unless you have already done so, you might want to see an insolvency practitioner. If your mortgage is up-to-date, you will be advised to stop paying it because it will be three or four months before possession proceedings happen

Here is a useful guide from the insolvency service.

http://webarchive.nationalarchives.gov.uk/+/http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/howtopetition.pdf

Does that answer the question?

I am off-line shortly until tomorrow and will pick this up then.

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Customer: replied 1 year ago.

I have been told that i will keep my house as there is no equity in the property.


Why then will i have it reposessed?


My payments are being made by my father and the official receiver has no equity so why ?


 

Expert:  Stuart J replied 1 year ago.
In which case, you do need to keep repaying the mortgage or arranging to have it repaid. I didn't know whether you wanted to keep it and keep the liability or not because you didn't say.
Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 19867
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
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