I was bankrupted owing £150k. I own a propery worth £650k. The Trustee says the building must be sold even though my son can raise funds against it to clear the bankruptcy. What can i do?
Just wanted to welcome you to the forum and tell you that hopefully one of our professionals will be along shortly to answer your question.
I'm afraid I have no idea.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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If your son can quickly provide enough money to pay creditors and costs in full, or acquire your share of the equity in the property, there will be no need for the property to be sold.
Discuss with your Trustee or OR the way to solve this - it is not unknown and if your son can raise the cash then it should not be a problem. You will have to cover exactly what you owe, statutory interest and costs though before you can get your bankruptcy satisfied.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
And once the debts have been paid off - you can apply for the bankruptcy to be annulled if you want to, which effectively removes all reference to it, which you may see as beneficial.
