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Urgent, Any help re bankrupcy house repo mentall illness?


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Can anyone offer any good quality help re bankrupcy.

An insolvency practitioner is trying to get possesion of our house by 31 march 07 due to new rules. I was b/rupted on 2002 discharged in 2005 (under new rules) now insolvency person wants my mentally ill wife to sign a notice of declartion as to buy me out or they will go for a posession order b4 31 march as that's the law as it stands on timescales. They are even contemplating going straight for a p/o due to the fact she is mentally ill, thuis so they tell me is to show they have delt with it b4 31 march

 

PS all this only started in Sept 06 when they have had since 2002 to do somthing about it, It's obviously because property has shot up beyond what was anticipated

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Ok, you say your wife is mentally ill - is she fit to sign any such form?

 

This is quite a big deal, so i would get straight onto the CAB or perhaps even bite the bullet and see a sollicitor.

All help is merely my opinion only - please seek legal advice if you need to as I am only qualified in SEN law.

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Indeed. Has your wife got a social worker? perhaps social services can help stop any pressure being brought to bear on your wife.

 

As your house is at risk though, i really, really would go and get proper legal advice as you don't want to stuff this up.

 

Good luck and let me klnow how you get on.

All help is merely my opinion only - please seek legal advice if you need to as I am only qualified in SEN law.

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Hi, sorry for intruding but was intrigued by this post. Personally, I think you need some sound legal advice asap - perhaps somebody can get this process halted as a matter of urgency until medical reports have been compiled. If your wife has a CPN, I'd also recommend that you contact them as well as this kind of stress and worry is not good for your wife in her condition. It's not good for you either.

 

Please, please try to get legal advice urgently. I know what an awful process bankruptcy is as my husband went bankrupt but under the new rules, so you have my sincere sympathies. But please try to see a solicitor to have this process suspended whilst you seek additional help.

 

Good luck,

Hedgey.

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Hiya, just wanted to reiterate that you really need to speak to someone who can ask relevant questions to give you the best advice - how much equity is in the property? If it's very little it's possible to use the low cost transfer scheme to transfer it to your wife ( or another family memeber or friend ) for a nominal £1 plus £211 costs. I would assume as they are being so aggressive that there is equity though? Give National Debtline a call on 0808 808 4000 - free confidential advice and they are v. knowledgeable on bankruptcy & issues that can arise. For local free or low cost legal advice I would give CLS ( Community Legal Service ) a call on 0845 345 4345; they can search on your postcode and also by the type of advice you need.

 

Best of luck

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If there was very little equity the IP simply wouldn't be threatening to go for possession; he wouldn't even waste money on a phone call - so in this case I think there must be equity.

 

It's been said, but not everyone that needs to say it has done... time is running out for you and you need proper legal advice fast; this is a new and complex area and while it's recently become a frequent issue becuase of the change in the law, it's still a new area.

Number of times I've asked 1st Credit for information that I stil haven't recieved... 55 as at 02/05/07 :!:

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Thanks for the replies. it turns out from my IP's solicitor that under special circumstances they can extend the period to when my aset (equity) has to be seen to be delt with, and my wife's condition is a special case, so they are going to court to extend they are extending the date under some order sec? par?

So now I need to know how to reduce my equity further (ie increase my wifes share). or send them packing completley or reduce further due to my wifes condition

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You can't 'reduce' your equity given the current circumstances. Technically speaking, if you have been made bankrupt then your assets actually belong to the OR. If you attempted to dispose of any assets e.g. by putting stuff in other people's names or selling at below market value you would be committing an offence. You really need to see a solicitor who specialises in insolvency!

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