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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My name isXXXXX and I have been made Banckrupt by

Customer Question

My name isXXXXX and I have been made Banckrupt by the high court, on the 22nd of April a company called Bishop Fleming.
on the 15 th of may I have to attend an interview B Penn. My question will I lose my flat? I know they will be taking inventory with a view to selling them etc...
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Do you own it? How much equity is there please?

JACUSTOMER-4ovmws0i- : Yes I own my flat, at a rough guess equity is all together worth around £6,000
Alex Watts :

Its bad news I am afraid.

Alex Watts :

It is possible that they could sell your home. Generally you have around 12 months before you would have to move out if that happens.

Alex Watts :

But if the value of equity is only £6000 they may not bother selling it

Alex Watts :

If there is no equity, you will probably be able to keep it and buy the BI, beneficial interest. If there is significant equity, the Official Receiver is going to want it I'm afraid.

Alex Watts :

Outside of bankruptcy, repossession is simply a matter for your lender. However, if they repossess outside bankruptcy any shortfall will still be your liability, in theory at least, whereas in bankruptcy the shortfall will be cleared.

JACUSTOMER-4ovmws0i- : I'm sorry I didn't include the which is estimated at £240.00
JACUSTOMER-4ovmws0i- : £240.000
Alex Watts :

Ok - but its got £6000 equity?

JACUSTOMER-4ovmws0i- : WOW!!! Im in shock so my response is a bit slow... Please bear with me.
Alex Watts :


JACUSTOMER-4ovmws0i- : Yes it's about £6.000
Alex Watts :


Alex Watts :

Then I would hope that they would not consider it worthwhile, but it is a risk

Alex Watts :

Please see:

Alex Watts :

Can I clarify anything for you about this today please?

Alex Watts :

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