My husband and I are joint owners of our house, we bought it nearly six years ago before we got married. we have been married just over 3 years. My husband owns a small business and has just been investigated by the tax man, who has billed him over £20'000 for tax evation. My concern is if he went bankrupt we would have to sell the house. there is about £25'000 equity in the house. Can the bankruptsy court force the sale even though I own half in my own right.
If the inland revenue issue bankruptcy proceedings against your husband and they issue petitions more than any other organisation, and you cannot raise his share of the equity then yes, a forced sale can be as a last resort actioned by the receiving trustee who will be appointed by the inland revenue if they are the major creditor.
you could either try to come to a repayment plan for the outstanding tax. or if he is made br then on order to save the house you would need to find the value of his hald of the equity.
worth having a five minute chat with an expert to go through the options and consequences.
you need to consider the impact on the business, stock and moving forward etc etc
I am thinking along the same lines as Paul from Reviva - why not contact him?
There are a number of insolvency experts that post here on a regular basis. There are also some good posters who can share their knowledge and experience.
I may be able to look at some possible "housing" solutions, but I need a bit more detail first.
Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!)
My husband and I are joint owners of our house
Posted - 22 January 2010 : 19:10:04
