QLD Bankruptcy and Directors

[tamus]

Yes Tim, They are lenders insurers.. CBA reposessed a property and sold it below the mortgage value. and Genworth are looking to recoup this amount.

 

[Tim W]

And so you want to find a way to go bankrupt,
get the insurer off your back, but somehow keep the remaining house?

 

[tamus]

well we are both nearly 70 years old and the security of staying where we are is very important , so yes that is the plan.I don't want to agree to something now and in a few years down the track have to face the same thing all over again.

 

[Tim W]

You are in quite a tangle (albeit not an uncommon one).

I suggest that it's (well past) time you spoke to a lawyer who works in the field of insolvency.
I suspect that your problem involves more complex facts than it is possible (or reasonable)
to go into on this board.

It's also a really bad idea to make big decisions based on what some guy says on the internet.

 

[tamus]

Ok thanks Tim, will do.