Author Topic: Before i enter bankruptcy need help  (Read 2344 times)

worriedsick

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  • Posts: 1
Before i enter bankruptcy need help
« on: Oct 24, 2012, 09:37:04 AM »
Hello,


I will try to keep this as short as poss.


I am about to petition (i think) for bankruptcy, and have one or 2 questions that i hope someone can help with.


1)  I jointly own my property with wife and understand how BI works , but were does the valuation come from do i supply it with my ststement of affairs, do i get local estate agents to value, I need to be fairly sure that i don't have much BI or my wife will not be able to afford to buy mine back.




2) Does the OR have to allow a 3RD party the right to buy the BI at the fair market price,




3) How likley is it that the property will be sold if in negative equity




4) How long have you got to raise money to pay for the BI.  2 children


5) How likley is it to lose a home

scarisbags1

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  • Posts: 2
Re: Before i enter bankruptcy need help
« Reply #1 on: Nov 09, 2012, 12:56:28 PM »
Hi I just declared myself bankrupt last Monday.

1) I provided the valuation for my house. I got a local estate agent to do it. When I had the OR interview she just took the details of who did it but told me on the phone there and then how they would deal with the house.
2) Not sure
3) It is quite unlikely that they will sell a property in negative equity as they have fees to pay for the sale so they will lose money on selling it if they won't raise any money out of the sale.
 4) The OR usually lets you have a year to sort your property out but has to make a decision on how they will deal with it within 3 years.
5) Are you in negative equity.