From what you say the extra money was only to be paid in the event of the house being sold and subsequently amended to allow for a decrease in maintenance payments. This again does not seem to be a problem as you did not give anything away but in effect sold the right to further money . You will have to disclose everything to the OR but it could be a difficult case to fight and a Trustee may be loathe to take it on with no money from your estate and certainly no guarantee of success.
Is it possible to discuss with the OR before filing for BR? If not, is it possible to go BR and once you are engaging with the OR, if the decisions go against you with regard to the sale of the property, then reverse the bankrupcy and look at other options.
Well I hope you are right Michael, I really do. I have an appointment with a CAB specialist tomorrow and this is one of the things I want to clarify before petitioning.
The more I get into this the more difficult it seems to be getting. I wish I could afford to appoint someone with the knowledge to help fill out forms etc. I know Melaine has offered to look over my forms and for that I am very grateful, it just would be nice to have someone 'on tap' to help out.
I don't think you can reverse a bankcruptcy, only the court can do that, and from everything I have read the OR will not give advice on these things. Its up to the individual to appoint someone to give that advice.
The CAB give great advice Fugazi, and you have done well to get an early appointment with them. I am sure that they will give you an honest opinion as to the chances of this transaction being overturned. Is the property in joint names, or did you transfer your interest to your wife?
My interest was transferred to my wife on our seperation, there is no actual mention of me in anything to do with her mortgage etc. my solicitor wanted me to push to be a named creditor on the mortgage, but it would have caused so much hassle I decided not to go for that and instead settled for the private agreement of her releasing funds to me on sale of the property.
BTW, I'm sorry for all the questions I'm throwing around, but I really do need to get this right before commiting myself.
You could speak to the local OR beforehand but any answers would not be binding. You could not back out after the bankruptcy has been made. Try the OR for advice and explain the problem.
Well i've done some digging through my files and have found some actual dates for things ... actually I think it makes it worse, so I'm hoping someone can tell me the consequences.
Separation date - 03/11/2004
Separation agreement - 30/09/2005 (I lived in the same house as my wife for a year, though not as man and wife)
Mortgage transfer solely to my wife - 28/10/2005
£10,000 payment by wife to me as part payment to buy me out of 50% of mortgage, with £10,000 to follow if house is sold or wife re-marries - 29/10/2005
Decree Absolute - 12/06/2007
Change to agreement concerning £10,000 payment for sale of house or wife re-marries - 28/08/2007 - NB: I released her from this on condition of reduced maintenance payments for a period of 5 years.
The reason for the change in agreement was to release more funds for me to enter in a DMP as an IVA was not recommended by my DM company.
All joint debts were paid in full before separation agreement was enforced.
So i'm asking the experts here, what all this could mean to my petitioning for BR.
I would say that the consideration you have agreed in terms of reduced maintanance payments has outweighed any benefit you may still have in the property, but it is impossible to advise right now and on a public forum where none of us have detailed knowledge of your case.
If your wife is concerned that she is exposed to a claim from the eventual Trustee, she would be very wise to take legal advice as to her position. From your point of view, you do not feel that you have an asset, so you have nothing to lose under bankrutpcy proceedings - although I appreciate you still have your former wife's interests at heart.
managed to get onto the insolvency help line and spoke to a nice man who detailed what could happen as far as the agreement I have with my x-wife.
Because this clause would only come into effect if my x-wife fulfilled one of the three conditions specified ie, sells the house, re-marries or receives funds the OR will not take it into consideration, because until one of these things is fulfilled I have no interest in the property. The personal agreement we later made has no legality, but the OR would look upon in favorable as it releases extra funds towards any IPA/IPO.
Just have to convince my x-wife not to sell, marry or inherit during the term of the bankruptcy now .. lol.
So now I only have to sort out my tax office details and find out if the shares given to me by the company I work for (though I cannot sell) are considered an asset.
