UK Bankruptcy Law

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I was made bankrupt in 2007, I am due to be forced to sell…

Customer Question
I was made bankrupt in...
I was made bankrupt in 2007, I am due to be forced to sell my home, I have been out of work due to having a baby and am a single parent do not receive any other help. How do I prevent my baby and I being made homeless, is there anything I can do to remain in my flat? I am only working part time now as it is...I have not seeked any legal advice in all this, all this while due to being depressed and feeling like all is above my head, plus dealing with a baby on my own. IF you can point me in the right direction or anything I would appreciate it.

Thank you
Submitted: 8 years ago.Category: UK Bankruptcy Law
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Answered in 10 hours by:
6/14/2010
Solicitor: F E SMITH, Solicitor replied 8 years ago
F E SMITH
F E SMITH, Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 10,817
Experience: Ll.b Hons and 30 years qualified
Verified

Good morning,

 

I am surprised that you are now being forced to sell when your bankruptcy should have now been discharged. Automatic discharge is given after 12 months bankruptcy. Can you let me know what your total debts were at the time and how much your flat is worth and how much equity there is in it. F E

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Customer reply replied 8 years ago
Hello sorry for the delay in replying have not been online. I cannot seem to locate all the paperwork but from memory the debts were in the region of £11,000.00. My flat is worth £114,000.00 and the receivers PWC want £26,000 which is the difference between the mortgage outstanding and equity. THey have pressed me to either give them this to buy out their interest OR they want me to sell/vacate property so they can "liquidize" the flat. THey managed to obtain a possession order at a time when I was unaware of what was going on due to dealing with having become pregnant I just had "other things" on my mind :( So they keep reminding me of this. Sorry to sound so vague I obviously don't wholly understand what is happening to me. How would I know if bankruptcy is discharged and could it be that PWCooperhouse are aware of how little I an understanding and simply trying to get this amount while they can...?! Sorry for the long drawn out question, thank you again. Rahana
Solicitor: F E SMITH, Solicitor replied 8 years ago

Good afternoon,

 

I'm afraid the trustee will sell your home if this is the only way to release money to your creditors. If you have children living with you it may be possible for the sale to be put of until the end of the first year after your bankruptcy. This is to allow you time to make other housing arrangements. After that time the court will only refuse an order for sale in exceptional circumstances or if the value of your interest in the property is worth less than £1,000. My advice to you would be is to see if you can find a relative who may purchase the trustees interest in the property by negotiating with them. Good luck.

 

 

This answer is based on the information supplied. I hope that this answers your question. If so, I would ask you, please to click 'Accept' so that I can be paid.

 

Best wishes.

 

F E

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Customer reply replied 8 years ago
Hello again

Thank you for your prompt reply on this - this was tough to deal and I'd like to ask can they "evict" me as they have sent a letter saying that if I don't put my flat on open market OR get the funds they will consider evicting me. I have told them I am looking to see what i can do about this and worse comes to worse I will have to sell my place. I have explained that I have only just started working part time and not been in a position to help myself before hand while otu of work and with baby...they are clearly getting impatient but is that a reason to threaten to evict me? At the end of the day they will get there money one way or another I know but I dont see why they are now getting "nasty"? If this costs another £11 that is ok.

Thanks again
Solicitor: F E SMITH, Solicitor replied 8 years ago
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