Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
Mags31
Posted - 15 September 2010 : 08:22:24 I really need your help!!!My ex-partner is considering BR. We both still own a piece of land abroad (which we bought 3 years ago). I really don't want to loose it, but can't afford to buy it off him. Could you please let me know what is going to happened if he goes bankrupt?Thank you
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 16 September 2010 : 20:30:50 It may be better to put yourself in the driving seat and sort the problem out before the bankruptcy.
If the land is sold you may have a chance at a higher price if you organise it.
secondly depending upon his debts he may be able to negotiate with the creditors depending upon the value of the land and do a negotiated settlement.
lastly if he has sold the land first he cas use some of his share to pay for court fees and the balance can go to the OR.
at least then you are in control.
Where in Spain is the land and roughly what is it worth?
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
Real People ..... Real Debt Solutions
Mags31
Posted - 16 September 2010 : 18:49:37 Thank you John, that's not a good news for me, but at least I know what is going to happen.
Blackie
Posted - 16 September 2010 : 08:12:24 Morning Mags
The law states that you have to declare all your assets, even those abroad, to the Official Receiver on your bankruptcy. If the land is in joint names, 50% of the equity is yours with the other half being owned by your ex husband. The OR will only want your ex husbands share and you would probably be asked if you wanted to purchase his share. If you were unable to do this, then the land would be sold within three years and your 50% share of the value would be returned to you.
