bankruptcy,, pls help

[Yujel]

currently have 190000 of debt.

my house value is 240000.. mortgage of 185000..

when i go bankrupt my dad or my brother wants to buy the house..

at what value the beneficial receiver will sell my house, will it be the forced sale value or can they make an offer for the house..

thanks in advance

[Angry Cat]

Re: bankruptcy,, pls help

Surely, it would be better to sell the house prior to going bankrupt?

[Yujel]

Re: bankruptcy,, pls help

Surely, it would be better to sell the house prior to going bankrupt?

natwest have a 50000 charge on the property. if i sell the house they would want their money first, which i dont want them to have because there other banks needs to be paid.

even if i do sell then go bankrupt they look at your 5 year history.

[Angry Cat]

Re: bankruptcy,, pls help

Making oneself bankrupt, is the very last route that one should take!

Please, read the following:
http://www.insolvencyhelpline.co.uk/...to-my-home.php

[milothewestie]

Re: bankruptcy,, pls help

you have equity of 50000 pounds you need to work out if you can afford this amount or close to it,to buy back the benificial interest from the official receiver,in bankruptcy the official receiver will sell your home if you cannot make the payment,and will make you homeless in the process,like other poster says maybe sell it first and realise maximum equity,take advice from cab or likewise first b4 YOU DO ANYTHING BUT BE VERY CAREFULL WERE YOUR HOME IS CONCERNED,the receivers job is to maximise monies for your creditors he will certainly sell your house unless you can find the equity to give them to buy the b-i back,hope that helps and good luck for the future

[Caspar]

Re: bankruptcy,, pls help

you have equity of 50000 pounds you need to work out if you can afford this amount or close to it,to buy back the benificial interest from the official receiver,in bankruptcy the official receiver will sell your home if you cannot make the payment,and will make you homeless in the process,like other poster says maybe sell it first and realise maximum equity,take advice from cab or likewise first b4 YOU DO ANYTHING BUT BE VERY CAREFULL WERE YOUR HOME IS CONCERNED,the receivers job is to maximise monies for your creditors he will certainly sell your house unless you can find the equity to give them to buy the b-i back,hope that helps and good luck for the future

I don't know for sure, but I don't think that is the case (or not as you make it sound).

My understanding was that usually the OR gives somewhere between 12-24 months before selling the house so the person and their family can make plans. I don't think you're declared bankrupt then, along comes nasty Mr OR to force you out of the house. In fact I only know two people who have been made bankrupt and they have both said the Official Receiver was brilliant to them and very sensitive to their plight.