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Ash
Ash, Solicitor
Category: Law
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Experience:  Solicitor with 5+ years experience
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Please, no silly questions regarding how much the debt is or

Resolved Question:

Please, no silly questions regarding how much the debt is or how it was incurred I am just looking for the answer
My question is very straight forward.
If someone is has a judgement against them in the High Court and they are ordered to pay damages that are several hundred percent more than their assets, can they go bankrupt and then after they are discharged from bankrupty a year or so later, have no liability for the remainder of that High Court debt?
If they expect proceedings to be taken against them and that their house, which is jointly owned with their wife will be seized and sold at auction at a knock down price, can they control this process better by going bankrupt and agreeing with the receiver that they will sell their house and maximise the amount available for the creditors, thus also optimizing the wifes share whihc could be vastly reduced if the house was sold at auction
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
If someone is has a judgement against them in the High Court and they are ordered to pay damages that are several hundred percent more than their assets, can they go bankrupt and then after they are discharged from bankrupty a year or so later, have no liability for the remainder of that High Court debt?
Yes. Your debts are written off you are discharged and have no liability.
If they expect proceedings to be taken against them and that their house, which is jointly owned with their wife will be seized and sold at auction at a knock down price, can they control this process better by going bankrupt and agreeing with the receiver that they will sell their house and maximise the amount available for the creditors, thus also optimizing the wifes share whihc could be vastly reduced if the house was sold at auction
Yes. Once bankrupt the wife can buy your share of the property, or even you can buy your equity share back.
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.
how quiclky can you go bankrupt. my colleague has 10 days of 14 days left to pay several hundred thousand and then expects eforcement procedures agaist him whih will probably be taking action to sieze the house at auction and sending the bailffs around. has he time to lodge for bankrupty or has the horse bolted?
Expert:  Ash replied 1 year ago.
He can do it now, but needs to be quick. He can make himself personally bankupt.
Does that help?
Alex
Customer: replied 1 year ago.
Does he need to do it before they start enforcement or go back to the court to get permission to size his house. How long will it take him to go bankrupt. Can he go o the high court and do it on the same day or will it take a few days? Or from the time he lodges his petition to make himself bankrupt is that it?
Expert:  Ash replied 1 year ago.
Yes I would do it now if you can. It can take a few weeks to become bankrupt.
Its not from the time of petition but from the date he is made bankrupt.
Does that help?
Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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