Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Anonymous,MyNameIsUrl,6Tricia,staffordian, for Donating to support the site

Old Bankruptcy

Help and discussions for strategies to get out of debt
Much2Broke
Posts: 1
Joined: February 1st, 2021, 4:58 pm

Old Bankruptcy

#382836

Postby Much2Broke » February 1st, 2021, 5:06 pm

Hi guys

I need a quick bit of advice. I declared myself bankrupt in 2009 and as my home was in negative equity I was allowed to remain in it. The problem is now that I am on an interest only mortgage that will soon be coming to the end of the term and need to sell my property to be able to pay it off. I know that a bankruptcy restriction has placed in the title register that prevents me from selling. So what I'm really trying to find out is what my options are if I can't stay and I can't sell.

Thanks.

cavebat
2 Lemon pips
Posts: 200
Joined: November 4th, 2016, 12:43 am
Has thanked: 254 times
Been thanked: 453 times

Re: Old Bankruptcy

#382936

Postby cavebat » February 2nd, 2021, 12:09 am

Can I suggest having a look at https://debtcamel.co.uk which is the website of the Fool who used to advise on the Dealing With Debt board on the old Fool site?

smilingpolitely
Posts: 1
Joined: March 14th, 2021, 7:01 pm
Been thanked: 1 time

Re: Old Bankruptcy

#395532

Postby smilingpolitely » March 14th, 2021, 7:07 pm

Since 2002, a trustee in bankruptcy only has 3 years to deal with a bankrupt's home. If the trustee does not take any action, the property automatically reverts to the bankrupt.

First check that the restriction is still on the title. If it is, contact your trustee asking him/her to consent to its removal.

Lootman
The full Lemon
Posts: 11247
Joined: November 4th, 2016, 3:58 pm
Has thanked: 144 times
Been thanked: 2494 times

Re: Old Bankruptcy

#395537

Postby Lootman » March 14th, 2021, 7:13 pm

smilingpolitely wrote:Since 2002, a trustee in bankruptcy only has 3 years to deal with a bankrupt's home. If the trustee does not take any action, the property automatically reverts to the bankrupt.

First check that the restriction is still on the title. If it is, contact your trustee asking him/her to consent to its removal.

Yes, I thought that the whole point of a bankruptcy being discharged is that the restrictions, debts and claims go away, and the bankruptee gets a fresh start. Any debt that went uncollected is written off and the creditor is out of luck.

It would be very odd if someone was condemned to live in the same house forever because of a stale written-off debt.


Return to “Dealing with Debt”

Who is online

Users browsing this forum: No registered users and 2 guests