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Cher.ry
Starting Member
1 Posts |
 Posted - 05 January 2011 : 22:19:56
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| my husband says hes declaring bankruptcy, we are separated, i am stil in the house with our 2 young children. we have roughly £20-25,000 equity in our property, i,m not going bankrupt. can they make me sell the house. he isnt supporting us at all financially. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 05 January 2011 : 23:48:50
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Hi,
sorry to hear about your situation, however what is the position with the property? Is it jointly owned? if so then the OR(official receiver) will have to deal with it to realise your estranged husband's BI(beneficial interest) in the property for the benefit of his creditors.
How they do that is not straightforward,as if his BI is only £10 - 12,000, a trustee(insolvency practitioner) other than the OR, may be difficult to find to take it on, due to the low margins involved,plus they have to take you and the children into consideration, so it could be upto 12 months or more before in the worst case you had to leave.
The other option,is that someone makes an offer to the OR to buy out his BI, either way, if the property had to be sold you would still be entitled to your share of any surplus from the sale.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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RHB
Senior Member
1159 Posts |
Posted - 06 January 2011 : 13:51:03
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| Might be worth seeing a divorce lawyer for a free half hour session as well. |
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cher1184
Starting Member
United Kingdom
2 Posts |
Posted - 06 January 2011 : 21:47:54
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I have already submitted a petition for divorce. I believe his debts are in the region of £35,000, therefore would they want the house sold for such a menial return in respect of the position of myself and our children being made homeless?
c. barry |
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RHB
Senior Member
1159 Posts |
Posted - 07 January 2011 : 07:20:49
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| In short, yes. Are the debts from after you were married or during? |
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cher1184
Starting Member
United Kingdom
2 Posts |
Posted - 07 January 2011 : 07:46:49
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The debts are form during our marraige, due to general living costs, not having any work form his self-employment, hike in morgage payments, mainly credit cards and a personal loan. When we separated we amicably agreed to split the debt and i wud continue to pay half the payments to our debt managment plan, he only made 1 payment to this and only gave me 1 months agreed maintenance for the children,this obviously made things difficult for me, i have continued to pay 3 small debts i have totally to about £3000 thru the plan. He then told me he had no work and thats the story ever since and also added about going bankrupt. he cud have avoided this by continuing to work and paying the plan. I also know he does work, lets say, on thee Q.T, but denies any part of this.
c. barry |
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RHB
Senior Member
1159 Posts |
Posted - 07 January 2011 : 14:15:26
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| Could you get hold of the money to buy his half of the equity from family? Otherwise I think you will end up losing the house tbh. |
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RHB
Senior Member
1159 Posts |
Posted - 07 January 2011 : 14:17:38
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| Also, could you take cover the mortgage by yourself? If the answer is no then it may be better to try to get the house sold before bankruptcy if he is willing & at least you would come out with enough for a decent deposit to rent & avoid possible bankruptcy yourself. |
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my husband says he's declaring bankruptcy
