MY HUSBAND HAS BEEN MADE BANKRUPT.I HAVE PAID ALL THE MORTGAGE PAYMENTS FROM MY OWN BANK ACCOUNT UNFORTUNATELY HIS NAME WAS ONLY REMOVED JUST OVER A YEAR AGO THE OR IS LOOKING TO TAKE A SHARE OF THE EQUITY FROM MY HOUSE I HAVE A PAPER TRAIL TO PROOVE HE HAS NOT CONTRIBUTED SEEMS UNFAIR. IS THERE ANYTHING I CAN DO YOUR HELP WOULD BE APPRECIATED
hi and welcome to the forum you would probably benefit from some professional advice form one of the professional forum experts namely Paul Johns from RevivaUK www.revivauk.com or melanie at Jones Giles www.jonesgiles.co.uk both of these experts are highly respected in their field and either will give you free advice. there is a link on the left hand side of the page where you can ask them questions directly or go via their websites let us know how you get on.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) RevivaUK helped me through it all i can't recommend them enough!!
The OR will need to establish the reason for the transfer of the property to your sole name and also whether or not there was any equity in the property at that time. The Official Receiver has a duty to investigate any transactions in the two years prior to the bankrupty order and if the OR established that there was a 'transfer of undervalue' ie the property was just transferred into your sole name for no amount, he would have the ability to overturn the transaction - in effect this means he wuld have the right to have the bankrupt party's share of any value in the property paid into the estate for the benefit of his creditors.
It will all depend on why the property was transferred to your sole name
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
can i suggest that you ask a local estate agent to come around and value your property, ask for the price of a distressed sale, that will give you a reference price when the OR contacts you further.
Then use a property price comparison site (sorry not plugging a site but providing info) www.ourproperty.com, this will list the properties sold in your postcode find all the similar properties and their valuations.
If you purchased your husbands or ex partners share and it was based on an accurate valuation you should be OK.
circumstances of your seperation may also be taken into account.
but as Mel has stated the OR will look into the transaction to confirm every thing is correct, the OR is responsible for obtaining any cash for the creditors.
I am not suggesting that anything is wrong with your transaction unfortuantly too many people have tried to take a similar line to dispose of assets.
as chester has stated this could get complex please speak to one of the experts.. Chester is everything OK as you were up posting in middle of night ?
Richard i'm a bit of a night bird ... up at all hours tapping away ..like tonight...
e-e as has been said if it was a genuine thing and can be realisticaly shown to be such, there should be no problems but so many people try to "hide" assets pending BR the OR is duty bound to investigate these things
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) RevivaUK helped me through it all i can't recommend them enough!!
My husband has been made bankrupt
Posted - 26 November 2009 : 00:04:19
