Hi I am likely to be forced to go bankrupt soon and my divorce will be absolute in 4 weeks (after 3 yrs seperation). The only asset left between us is the freehold of a block of 6 flats that is in joint names and produces about £1000 per annum in ground rents. There is a debt of £18k outstanding to a bank which is in my name only and secured on the freehold of the property. What is likely to happen to the freehold in the event of my bankruptcy ? (Given that my ex owns half and the value of the freehold is not likely to be more than £10k) Appreciate any advice...
hi and welcome to the forum upon BR your Beneficial interest BI in the land becomes the OR's if you wished to regain it from the OR it is normal for you or someone else to be able to buy it back in the first instance the OR may collect the rent and keep it towards your debts
Dave
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Hi I am likely to be forced to go bankrupt soon
Posted - 22 January 2010 : 16:29:43
