I am considering bankruptcy,i have been married for 6 years but live in my wifes house,the mortgage is in her name only and so is the land registry,if i was made bankrupt would the house be at risk as i have contributed to all the running costs throughout the last 6 years,would i been seen to have a stake in the property through some kind of marital law or would it ultimately be exempt as i'm not the mortgagee or registered owner.
If you have lived in the property for 6 years and contributed to the costs then it is likely that the OR would say that you have a stake in the property. If there isn't any equity in the property then this isn't a problem but if there was equity then the OR would look to release some of this i.e. what they consider your part of the equity to be.
I am not too sure whether the OR would consider you having 50% share in the property but I would recommend speaking to one of the professionals who frequent this board:
thanks for the advice,makes sense what you have said,looking at it from a different angle if i were to get a divorce and give up my equity (if any) in the property as part of the divorce settlement, would that safeguard the property........
Under divorce law you share marital debts & assets & then divide up starting at 50/50, but this will be deviated from if there are children involved say. This is inly a very crude sketch, your best bet would be to talk to a solicitor about the financial aspects of divorce & see what they advise. It may well be worth delaying bankruptcy until the divorce & finances a are sorted
if i was made bankrupt would house be at risk ?
Posted - 25 August 2010 : 22:31:22
