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| T O P I C R E V I E W |
| Stell |
Posted - 22 November 2011 : 18:32:59
Hi ,my wife divorced me 3 years ago after she discovered yet again that i was gambling and had more debts( £44.000 ) she had enough as i had done that before and she helped me to clear my debts than i done it again and we had to remortgage the house to clear the debts i made on gambling,than i done it again this time i sold some land that we had which it was passed on to us by my family ,so she decided enough is enough and divorced me and she also asked that we sell the house that we live in and she should receive all the proceeds of the sale as i already gamble away my share her savings and the land we had,and she needed to rehouse her self,I dint argue about the demands as i know i had more of my fair share and i could not go to courts as i was already broke so i signed a consent form that i agree with her demands which it was sealed by the court.however now 3 years later i can't aford my debt management payments and i feel very very stress out and quite ill as i know it will take me 30 years to pay this money back so i am thinking about bankruptcy what i need to know is it a good idea and are they going to look if i had my fair share from the property we had and can they challange the property my ex has now.cheers for all replys and advice |
| 1 L A T E S T R E P L I E S (Newest First) |
| Melanie.n |
Posted - 23 November 2011 : 13:02:57
Hello there and a warm welcome to the forum
With regard to your query on the property etc, it depends on what was or could be deemed as your share of the equity - if this was more than covered by previous debts qwhich had been cleared by remortgaging (ie previously debts had been cleared for more than was 'your share' of the equity) and that this transaction was done through the court as you state, then you ex wife would have no worries.
It may well be that if you cannot afford to repay your debts, you may need to consider bankrtupcy as an option. I will warn you though, that the Official Receiver's office take a dim view of gambling as a reason for an individuals debt situation, and as such you would more than likely end up with a Banruptcy Restriction Order (BRO) which in effect extends the term of the bankruptcy from the 'norm' 12 months to anything from 2-15 years, though usually around 3 years. They would also question what you have done to rectify the situation ie sought help for the addiction, ceased further gambling etc
Hope this helps, Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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