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My husband has gone bankrupt and now the Trustee wants us to sell our home. There is a small amount of equity in the property, and the property is in both our names. The issue is we don't want to sell the property and if we do the Trustee then states my husband will have £500 available to pay towards the bankruptcy.
There is a mortgage and a secured loan against the house, so I am unsure how much we would make off the sale. The Trustee says that the mortagage and secured oan payments are too high for our incomes and it is the house that is part of the debt problem.
What can we do?
I went bankrupt on the 2nd September 2013. I had the telephone conversation with the OR and she stated that I was to pay £850 for 3 years as an IPO. Having looked into the legislation, I know this is incorrect as she should try and negotiate an IPA first. She disallowed my SKY tv, any amount for home repairs, no social amount, etc. I will be refusing to sign.
My question is, in legislation it states that on discharge you are free from remaining debt, How then is it legal to force you to pay ALL disposable income for 3 years? This is not a fresh start and will be impossible for me. My husband does not work (cancer), but as we live on a houseboat he bought which is in a poor state of repair, they will not allow any money for me to pay for the work to be done. as it is his boat! This makes no sense! Please clarify.
If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.
Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.
There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.
For some, bankruptcy is the right option and will put an end to pressure from creditors. Our team of experts are on hand to advise on the best solution to your debt problems - call now on 0800 002 9951.