Coming to the end of a bankruptcy period (I hope)

[paulgee]

So folks.
I am starting to think about my exiting bankruptcy in January.

Just to recap.

Family home value 230k in joint names, but only husband bankrupt, mortgage split with PTSB, and outstanding mortgage about 270k - so about 30 or 40k negative equity.

In the last 9 months, have paid the split mortgage without issue, have had one letter from ISI saying no payment plan as income low, and nothing from the bank or anyone else.

I have read a few articles about the ISI owning the husbands half (in negative eq remember) and someone said about wife buying out the ISI. It has been mentioned on some forums they may sell to the wife for 5k

Are there previous instances of this situation anyone is aware of, dealing with the ISI and PTSB.

Is it correct to think PTSB will leave all alone for the general future, and if or when the ISI would be approachable to wife buying out the husbands half (or could husband get a family loan and buy it out) A forum somewhere suggested ISI could hold their half for 3 years to realise possible property valuation increase.

Husband has been in mature student education so has been training up and has final exams in June 19. Wife may have option of full time work after husbands discharge, so there ARE things on the horizon.

Any and all opinions and comments very welcome.

Thank you.

 

[Bronte]

Why don't you speak to the ISI to find out what they think is feasable. Or talk to Mabs, they are free to deal with.

Well done on seeing the end of the road.

 

[TLO]

If you expect the property to remain in negative equity for the next 3 years then do nothing might be an option. If the ISI also do nothing for 3 years, which might happen due to the property being in negative equity, then the Official Assignee's interest automatically reverts to the former bankrupt. In other words, the husband gets his share of the house back "for free", albeit still in negative equity.

The risk of course, is that the property rises in value and moves into positive equity during the 3 years. If this happens the ISI will be obliged to try and get some money from it's half of the property.

PTSB will probably be happy as long as agreed payments continue to be made.

 

[paulgee]

So folks.
My one year bankruptcy anniversary is in 3 weeks. The only communication I have had from the ISI, was about 6 months ago to say no updated payment plan as I was below the minimum income as I am a student in college.

Will I get a letter? Will I have to appear in court again? Will the date pass and nothing will happen? Anyone have any ideas?