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bdf
Starting Member
4 Posts |
 Posted - 07 January 2009 : 11:48:22
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My ex-husband is considering bankruptcy to clear his 30k debts. Under an FDR court order, he was awarded 50% joint tenancy of the family home with his share of the equity to be released through sale/buy-out when the youngest child reached 18 or when I re-married/cohabited. 50% of the equity will exceed the sum of his debts.
I and the 3 children were awarded exclusive use of the marital home until any of the trigger events.
My question is: Can the official receiver force a sale through the courts of the marital home in order to release his benficial interest under these circumstances and could I offer less than the 50% equity share as, in effect, payment would be made 10+ years in advance of the court date. I am not and have no intentions of cohabiting or re-marrying. Once bitten - twice shy !1 |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 January 2009 : 11:54:44
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Hi BDF and welcome to the forum.
When the award was made in the divorce, did a solicitor draw up a Deed of Trust? If so, the OR/Trustee does not have the power to unwind this anymore.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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bdf
Starting Member
4 Posts |
Posted - 15 January 2009 : 11:00:45
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quote:
Originally posted by JulianDonnelly
Hi BDF and welcome to the forum.
When the award was made in the divorce, did a solicitor draw up a Deed of Trust? If so, the OR/Trustee does not have the power to unwind this anymore.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367
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bdf
Starting Member
4 Posts |
Posted - 15 January 2009 : 11:11:14
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No deed of trust was established as I was unaware that this was necessary. The judge made the order to protect the children's home until they reached majority. It would seem inequitable if the OR could unwind this!
Regarding the second part of my original query - Do you think the OR could accept less than the 50% equity as calculated on the basis of a forced sale but more than the outstanding debt and costs.
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 15 January 2009 : 11:18:14
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Hi bdf
Your situation is both delicate and important and you should really be getting detailed advice from someone rather than via the forum.
It is a technical area and needs very careful guidance.
The Helpline above are probably your best port of call as they will be able to go through the basics and put you onto one of their specialists
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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RHB
Senior Member
1159 Posts |
Posted - 15 January 2009 : 13:49:05
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| I would imagine worse case scenario that you would have the chance to buy his BI, could you afford to do so? |
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bdf
Starting Member
4 Posts |
Posted - 22 January 2009 : 14:49:20
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I have reviewed the Court Order again and I note that there is a reference to a "Trust" i.e.
It is ordered that: "the property shall be held by the parties upon a trust for land for themselves as beneficial tenants in common in equal shares and upon the following conditions......."
Will this prevent the OR or anyone else attempting to place a legal charge on my Ex's BI, from forcing a sale to release his BI ??
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 22 January 2009 : 14:54:17
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Hi BDF,
The OR/trustee will be entitled to the bankrupt's share. If you are unsure how to proceed, please speak to one of my colleagues on the helpline who should be able to advise you further (please see post entitaled "HELPLINE").
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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My ex-husband is considering bankruptcy
