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Hello, welcome to the website. My name isXXXXX can assist you with this.
Your trustee in bankruptcy (when apointed, if you're made bankrupt) will ask you to explain the background concerning this and why you would say that it's your parents endowment and not yours.
thank you tony
how would you suggest i approach this to make sure that there house is protected
You would say that it's you holding the policy on trust for your parents and that whilst it's in your name legally, it doesn't belong to you.
what evidence would i need to supply to confirm this?
This is common actually, so as long as the payments were made by them, and you say this was the agreement you had at the outset when you set up the arrangment then you should be fine. I expect the trustee will have to accept that it's not yours and belongs to your parents.
You would need your own statement - which will be just what you say to him, and then details from your parents showing the payments being made from their account.
the property is in the mortgage of my parents
as is details at the land registry
looking back it seemed like a good idea but now this situation is a little different
Yes, good, that's very helpful. It all makes sense with all the extra bits in the backgroun stacking up as you would expect if your version of events were true.
Things always look different with hindsight ...
But I don't think you have anything to worry about.
so what exactly will the trustee look at in relation to my bankruptcy?
what sort of checks does he carry out, just want to make sure there is nothing i have overlooked and if possible make the process as pain free as possible]
He's looking to see what he can sell that you own to make money from to pay creditors.
If the policy isn't yours (except in title) then he cannot have it.
They don't carry out standard checks, they look at what you tell them, and then consider what you say. Each trustee is different as they're in private practice (at their own firms) and not like a central state department type thing.
i'm currently unemployed, would it make more sense to stay unemployed or if I find employment will he take most of my salary
He will take from your salary what you dont need to live on.
how long does he do that for?
But he will only do this for a year.
So it depends on how good the job offer is I guess!
so if I find employment mid way through the year he will only take for whatever is left of the 12 months
well I could suffer for a year, I thought it would be for longer say up to 6 years
what about holidays already booked and paid for, would he look to get these refunded
No, he wouldnt cancel holidays.
so I'm guessing he would look for any funds which are in bank accounts to claim and close accounts
Yes, thats right. Cash in bank etc. is an easy target for him.
so not much point trying to save for a rainy day in the meantime!
Nope ... sadly not!
sorry for all the questions, this is all new to me and information is not easy to find!
In the old days though ... it used to be worse, 3 years for bankruptcy to end.
Dont worry! You're welcome!
do you have to have a face to meeting with the trustee
Depends .... he doens't have to meet you, but he can choose to if he wants to.
I'm guessing its if something is complex in the bankruptcy he may want to ask questions
so what will he want to see in relation to my finances
will he accept a letter for benefits as proof of income
Yes, he would.
thank you so much for your help, it puts my mind at rest that he wouldn't claim my parents endowment especially as it is in my name and there is a shortfall already that they are struggling to find
No problem. Glad I could help out!