How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Max Lowry Your Own Question
Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
51031577
Type Your Law Question Here...
Max Lowry is online now

Im currently considering going bankrupt but my case isn't

Resolved Question:

Hi, Im currently considering going bankrupt but my case isn't a usual one. Im going to list the salient points here and hopefully receive some sound advice.
1) I have about £90000 in unsecured debts that I cant honour, currently most are on a token payment plan of £1 pm, this cant last forever.
2) I have a joint share in a buy to let property that's currently in £30000 negative equity, its tenanted and all bills associating are upto date. Would I have to sell my share? (Not something I want to do)
3) I have savings in Turkey, would this be taken into account here? Do I legally have to declare them? Can they take them without my permission?
4) I have no other assets other than my car (£650) and I work part time 16 hours on minimum wage. I have 2 dependants and I live with my partner in her house, we are due to get married next year and I don't want any of this to affect my family.
Submitted: 2 years ago.
Category: Law
Expert:  Max Lowry replied 2 years ago.
Hi, welcome to the site. My name is ***** ***** I will help you with your question.
1. Your unsecured debts including the £90k will be wiped off.
2. As the property is in negative equity the official receiver will allow you to keep the property for now. If the property comes out of negative equity just after 2 years he may ask for a third party to purchase his interest in it. If it remains in negative equity you should be able to keep it. The OR will have a right to the income from your tenants.
3. Any of your assets worldwide will be taken into account. You may be asked to transfer the money to the UK for the benefit of your creditors. You will be required to declare the money.
4. Bankruptcy will not directly affect your family. It relates to you only and your debts. It also relates to assets in your name or those assets which you may have an interest in with another person.
I hope this helps.
Please let me know if I can clarify anything else.
Max Lowry and other Law Specialists are ready to help you

Related Law Questions