No you can’t. All creditors need to be listed in bankruptcy, you can’t pick and choose which ones to include or exclude. We admit it would be tempting to hold on to a credit card which still had funds available, but if the Insolvency Service found out – and they will – you would be facing a Bankruptcy Restriction whereby you would remain bankrupt for several years. Just for the record, your local Official Receiver has access to bank accounts, credit files, DVLA and Land Registry records, etc. so there’s no place to hide. Our advice would be to play it straight.
Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us on 01425 600129 for a chat about your circumstances.
An order was made for the sale of our matrimonial home in 2010. I am insolvent and i might be made bankrupt – can the Trustee in bankruptcy stop the sale of the home?
The short answer to a very complicated issue is ‘No’ but the property would still become part of the bankruptcy estate and 50% of any profit would be attached once the sale is complete. The Trustee would register his interest in the property on the Land Registry and the Solicitors handling the sale would only deal with the Trustee. Your wife’s 50% of any profit would still go to her – it cannot be interfered with.
Call us on 01425 600129 or 07479 739139 / 07894 481175 with any further bankruptcy questions or for bankruptcy help. Our advisers are not scripted and will gladly explain everything in easy to understand terms.
I have just been made bankrupt but i co-own a house which is the family home – will my house be sold?
Everything will depend on whether there is equity in the house. If there is no equity, the Official Receiver will register an interest on the Land Registry and the property will not be affected provided you maintain mortgage payments. If there is equity, it is likely the case will be forwarded to a private Insolvency Practitioner who will act as your Trustee in bankruptcy (thus taking the place of the Official Receiver).
You will be given options to ‘buy the Trustee’s interest’ in the property, failing which he would have two options 1) he could eventually order the sale of the property or 2) he might simply place a charge against the property, to be redeemed when the house sells – the latter is the more likely if there is only a small amount of equity in the proprty.
But don’t lose heart, whatever happens you will be given up to a year to satisfy all the options – you don’t simply get thrown out on the sidewalk like some people suppose!
Feel free to call us with any further questions or for bankruptcy help on 01425 600129 or 07479 739139.
I am considering filing for personal bankruptcy, but I would like to know how this would affect the ‘consent order’ that is in place with regards to the split from my ex wife. At the moment I pay £125 per month maintenance for 3 children. The marital home has been signed over in full to my ex wife, as part of the agreement. Upon my youngest child attaining the age of 18 years, the house is to be sold, with myself receiving 20% of the proceeds. My worry is that I may NOT be able to continue working in the future, and so would not be able to pay £125 month, and, therefore, this might threaten my entitlement. Would bankruptcy, now, have any effect on what happens in 8 years time, when my son is 18 years old?
Divorce and Bankruptcy are processed by two very different parts of the court, despite both being civil (not criminal) by definition. Your entitlement to a percentage payout on the property will take place regardless of what happens in terms of meeting the child maintenance commitments, unless further legal action takes place.
Feel free to call us on 01425 600129 or 07479 739139 / 07894 481175 with any further bankruptcy questions or for bankruptcy help.