URGENT post Bankruptcy question

[tele2002]

Hi all, well its been a long time since I needed to post on here as my life is hunky doring these days.

But my question relates to my poor sister who went bankrupt some time bank and has been released or what ever the correct terminolg is.

Anyway the official receivers who added a charge to their house has sent a letter today demanding that they make them an offer with in two weeks otherwise they will force them to sell. Now I haven't seen the letter, but they have quoted the value of the property at time of their bankruptcy.

So the question is can they make those sorts of demands and if they can what sort of offers can you make them.

Anyone had any experience of this.

Many thanks in advance.

[kallis3]

Hi, nice to see you again.

Sorry to hear that your sister went bankrupt. Unfortunately the Official Receiver can do this if there is equity in the house.

I've no idea what sort of offer they should make though. Hopefully one of our experts can pick up on this.

[tele2002]

Thanks Jan, Ironically one on my creditors sent me a cheque for miss calculated interest... Still out of mine now so all good.

Hopefully one of the experts will add some info in here.

[Julie]

Hi - do you know how much equity is in the property?

[tele2002]

In the current climate probably little to none, she has some estate agents coming to tell her how much they would put it on the market for, but she has been told it;s the wrong time to sell already. They already live on the breadline so finding anything will be pretty impossible.

[kallis3]

Get your sister to ask for a forced sale valuation, these are lower than an ordinary one.