Has anyone fought a bankruptcy trustee in orde to remain in the family home. My ex was made bankrupt over a year ago and we jointly own a property which I live in with our two children (14 and 20). A year has passed and his BT has now said she will be going to court for an order of possession and sale. Section 283a of the Insolvency act doesn't apply to our situation as we never married and the property wasn't his sole or principle residence at the time of his bankruptcy - he left 4 years ago and hasn't made any payment towards the mortgage or joint securred loan since 2010 - any thoughts?
There is about £80k equity and the BT (who is also my IP) wants £40k. If I could (and I can't) raise the money to purchase my ex's beneficial interest that would leave me with me a £36k securred loan on the property of which my ex had £30k of the money to pay off his debts (which didn't work). I have proof via the loan company of the direct payments they made on his behalf. I have, thru my solicitor, offered £16k which takes into account capital interest I have paid off on the loan and mortgage since I have been paying the mortgage and loan on my own. She has refused this. We have also proposed, which is my preferred option, that cos Section 283a does't apply me and my boys stay in the property till my youngest finishes his education. Again she has refused, she says she doesn't have the discretion to agree to this but as the property will never revert back to the bankrupt as the time limits do not apply to our situation we thnk she does. She has said that if I can find legal proof ( we have quoted the insovlency and enterpise acts to her) she will think again.
Hi Has anyone fought a bankruptcy trustee in order to stay in family home ?
Posted - 10 December 2012 : 18:15:41
