Bankruptcy

[bookworm_1]

Can anyone tell me please, how long it usally takes to settle a case once an insolvancy agent starts to deal with a case. I'm asking because on the 28/10/2005 a letter to all my creditirs was sent out with a meeting arranged for 23/11/2005. After this I was told another letter would need to be sent to my creditors. In the meantime I sold my house to repay these creditors the money I'm told being kept by the Insolvancy Agency, I was told everything would be settled by December or january at the latest, then I was asked if I wanted him to ask if they would waive the interest, I said yes.2 months ago he made an interim payment to me and said all would be cleared by in 2 to 6 weeks. Today I rang and again was told it would be 2 to 6 weeks. he will not give me a definate date, is this usual and what can I do about it. i feel that he is just stringing me along. I would very much appreciate any information or help.

regards bookworm-_1

[jason1980]

If i was you - I'd speak to a solicitor and explain the circustances as you have sold your house to pay money to a middle man who is meant to be distributing funds to creditors.

THIS IS NOT BANKRUPTCY

Going bankrupt is done throught he courts where you pay 500 pounds or so to declare yourself bankrupt. Your creditors once you have gone bankrupt wouldn't be receiving any money at all.

[themas]

There are 3 possibilities:

1. You made yourself bankrupt; 2. A creditor made you bankrupt; 3. You are not bankrupt.

What you describe seems to indicate - as already said - that it is 3 (but if this is the case I don't understand why the Insolvency Agent is holding all the money from the house sale). If so, all you can do is go on chasing the Agent or see a solicitor or find out what professional body the Agent belongs to and go through a formal complaints procedure.

If it is 1 or 2, your house sale would have been forced in order to realise the asset to pay the creditors, and the Agent you are dealing with is a Trustee in Bankruptcy appointed by the Official Receiver's office that dealt with your bankruptcy. In this case, complain to the Official Receiver.

[bookworm_1]

Thank you themas, it is as you describe, the house was an assett and it is a Trustee in Bankruptcy who we are haveing the problem with. I did not know who to complain to, but will take your advice and write to the Official reciever, once again thank you so much.

[themas]

If you can't get it resolved through the Official Receiver you should be able to complain to the professional body the Trustee belongs to. They all have to be licensed as insolvency practitioners. I'm not sure which body does this but www.insolvency-practitioners.org.uk might help, or the Dti helpline ought to be able to tell you.

[bookworm_1]

Update, wrote letter stating that I was going to get advice from Official Reciever if an update of all costs and monies due to me were not forth comeing, bingo, now have a settlement date and another advance of money being paid. Thank you so much.

[lucian123]

Hey book worm did u get your money and how long was it from start to finish , can you tell me if you could have not just remortgaged and paid ur creditors from the equity , did they sell the property at market value, pls do respond i am in a simialr situation

[bookworm_1]

This is what I found out too late, if you are married then only your equity, half the outstanding equity, is what the charge is placed on.The reciever will want a market valuation of no more than 3 months old. You can buy this equity from the reciever, my accountant said that this is the advice he gives, a relative, friend or one of your childre can get a loan and can in a way buy this from the reciever, and he will use it to settle the outstanding debts. The sooner you can do this the better, because as the property increases so does the equity. The reciever also charges you for settling the debts. From start to finish it took about 9 months and we were charged over �6000.00 pounds for his services. My brother thought that once declared bankrupt that was the end of it, but if you have assets eg: property they will come along at some time for it, if you need more information don't hesitate to ask. Hope this makes it clearer.

[bookworm_1]

p.s the house was sold at market value, as to remortgage that I'm not sure about, it was suggested that his wife could have bought his equity in the property, this would have taken his name off the deeds, in effect he then would have had no assets that could be claimed at a later date. My undestanding is that they can come back at any time if you have assets. My brother is now released from bankruptcy thankfully.