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rich03
Starting Member
4 Posts |
 Posted - 08 September 2009 : 17:48:51
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I separated from my wife october 09. I have signed the mortgage over to her so she has the house & it's contents.
I have our debts of round £20k. Will the house come into the Bankruptcy? |
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RHB
Senior Member
1159 Posts |
Posted - 08 September 2009 : 17:54:27
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| In short, if there is equity in it yes it will. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 08 September 2009 : 18:00:22
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| How long were you living in the property? If it was for several years then the OR would say that you had a beneficial interest in the property as you have made contributions to the mortgage, bills, etc. This would mean that if there were equity in the property the OR would want 50% of this (your half) to pay to your creditors. |
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rich03
Starting Member
4 Posts |
Posted - 08 September 2009 : 18:11:15
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Thanks. If I get divorced, will the house still come into the bankruptcy?
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debtinfo
forum expert
2826 Posts |
Posted - 08 September 2009 : 18:49:14
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| If the judge assigns the House to your ex then it will not be part of the bankruptcy |
Edited by - debtinfo on 08 September 2009 18:49:35 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 September 2009 : 19:31:34
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it really depends upon the equity.
although there are rulings at the high court protecting partners from exe's who go br after the house is sorted, if the oR believess that you have deliberately put the house out of reach of the creditors then there could be a problem
worth taking professional advice to go over the situation in much greater detail so you can get peace of mind and know what you are facing
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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RHB
Senior Member
1159 Posts |
Posted - 08 September 2009 : 20:05:51
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I would suggest you advise your ex wife to see a solicitor asap to get the consent order drawn up & stamped (can only happen as part of the divorce process though)
If you are a higher earner than your wife & she looks after the children then that would be good grounds for her having the house & you the debts but she needs to know you are thinking of bankruptcy. |
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rich03
Starting Member
4 Posts |
Posted - 08 September 2009 : 21:43:06
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Thanks. If I get divorced, will the house still come into the bankruptcy?
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RHB
Senior Member
1159 Posts |
Posted - 09 September 2009 : 07:25:49
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Possibly but less likely, but that is what a solicitor acting in your wife's interests would be best placed to tell her.
Have you 20,000 pounds of equity in the house at the moment? |
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RHB
Senior Member
1159 Posts |
Posted - 09 September 2009 : 07:28:51
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| When sharing marital assets, pensions, house, cars etc etc it all goes into the pot, the debt gets taken off & the remainder divided up often 50/50 but if there are children involved the main carer may get a larger%. Could you remortgage to pays off the debt from your marriage for example? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 September 2009 : 08:24:37
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The 50 / 50 share is not necessarily the case.
Yoiu need to get proper full advice offline. It is unfortunately not as simple as the house will or will not be part of the bankruptcy if you are divorced now.
A solicitor will tell you the split of assets now but unless they are very knowledgeable about insolvency then they are unlikely to be able to advise you about the house in Br
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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I separated from my wife october 09.
