|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
dumblond
Starting Member
1 Posts |
 Posted - 08 November 2011 : 15:46:55
|
I divorced earlier this year in Scotland.
Our house has been on the market since April. There is no mortgage, the deeds are in both our names, and when sold we each receive 50% after costs.
My ex-husband is currently looking after house, and I am renting a flat until the house is sold. We are both retired.
Eight years ago my ex-husband got himself into a lot of debt, without me knowing, and it resulted in having to sell our previous house. I have a feeling that his current financial situation is far from healthy, and am concerned that he may soon have problems with debtors and perhaps even bankruptcy.
At the moment the housing market is slow, so my main worry is that his financial problems will come to light before the house is sold. Could his debtors insist that the house be sold as soon as possible (eg at auction) even I did not agree? Likewise, if forced into this sale, would that mean that I would again financially suffer if it sold for less than the current market value?
Thank you for any light you can shed on this matter.
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 08 November 2011 : 17:44:50
|
Hi,
I'm not sure of the bankruptcy laws in Scotland, but if he was to be decared bankrupt then the trustee would want his share of any equity and yes, they can force a sale resulting in the loss or reduction of your share depending on what it's sold for.
I would ask your ex, if you can, to seek advice as there may be other options available to him to sort out his debt problem.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
 |
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
I divorced earlier this year in Scotland.
