I was made bankrupt earlier this year. Has anyone had any dealings with the Official Receiver regarding how to buy the beneficial interest in the house? The bank has a suspended repossession order on the property and I am now unable to keep up the monthly payments and agreed arrears; I am unsure how to deal with the situation, so help would be appreaciated. Thanks.

-- peter (bankruptcy2004@aol.com), December 31, 2004

Answers

Also, a debenture was signed as a security for the business loan but on the Land Registry info a charge does not seem to have been registered. Do the bank still have this as a secured debt, even though not showing on LR records? I ask as this would put the beneficial interest into negative equity. Thanks.

-- peter (bankruptcy@aol.com), December 31, 2004.

It is irrelevant whether or not the Bank has registered a legal charge for the loan, when you were made bankrupt you should have declared all your creditors to the official receiver, and as you know any assets you have will be shared accordingly to your creditors. Take my word for it, if you have any equity in the property the official receiver can and will force a sale.

If the property is in negative equity you can sell your beneficial interest for the measley sum of one pound plus solicitors costs.

-- kev (kev9999@aol.com), December 31, 2004.

EMAIL address should read bankruptcy2004@aol.com on the second entry, sorry my mistake,Peter.

-- Peter (bankruptcy2004@aol.com), January 01, 2005.