question category: Bankruptcy

Is bankruptcy the best option?
Submitted on: 5th Feb 2012 by Non-Member | Total Answers: 1

My husbands co-owns a house with his ex wife, who is re married resides in the house with their 2 children and 1 child with her new husband. They had an arrangement that she didn't want maintenance if he gave her all the money out oft egoist, shehas had 5 yrs to get his name of the mortgage but hS done nothing, one of his creditors has put a charge order of the house and within week she has gone to the CSA! He hS given her plenty of time to get his name off the mortgage. He has never said he wldnt pay for his daughter. He is now considering bankruptcy to clear all his debts, wld that mean the house would have to be sold? How
Would it effect our family now? My husband is self employed how does bankruptcy effect him working? Many thanks x charise

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Re: Is bankruptcy the best option?

If your husband were to go bankrupt the Official Receiver (OR) would consider the jointly owned property as an asset in the bankruptcy. If there is equity in the property the OR may consider a proportion of this as your husbands. The OR would give your husband’s ex-partner (or a third party) the opportunity to buy out his share of the property and if she were unable to do so the OR may put a charge against the property, or force the sale of the property.
By going bankrupt your husband may find it more difficult to take out credit during the period before which he is discharged from the bankruptcy.
Please seek further free money advice.

See 'Leading Debt Advisors' on the homepage for free advice

Submitted on: 7th Feb 2012 by TA Member

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