I was bankrupt last year but discharged in May this year. We live in a shared ownership property (5 children) and own 25% of it with a few thousand equity! My husband brought my share when I went bankrupt! We are struggling with his debts now and have just had our family car repossesed and will probably get a big bill for that too soon. I want to know if he declares bankruptcy can I buy his share in the equity? Will I have to buy the whole amount or only his half? Or is it now all in his name anyway?? Please try to help I dont know who to ask and am very worried!x
If you husband goes bankrupt now you will have to buy all the beneficial interest as he now owns it all, unless it was transferred back into joint names on your discharge. Depending on the circumstances when he bought out the beneficial interest initially, you may be able to argue a 50% share of the beneficial interest anyway.
If you can provide a few more details I may be able to give you a better idea of what may happen.
Hi, thanks for replying! When my husband brought my share of the equity we had the option of transfering the documents into his name only after he'd paid! This cost extra so we didn't do it. So I assume that means the equity is still in both our names!
I dont know who to ask and am very worried!
Posted - 03 August 2008 : 23:22:09
