If your ex-husband jointly owns your home and is made bankrupt, the Official Receiver will want to recover his share of the property. You will have a chance to argue what share of the property your husband owns. Your ex-husband needs to get professional help ASAP to see if bankruptcy is avoidable. Ask him to use the debt calculator on the site to get a debt solution recommendation.
It isn’t a yes or no answer I’m afraid.
If there is little equity in the property and/or you are able to buy your ex husband out of the house the OR is obliged to offer you the chance to do this.
Why was the matter not sorted out in the divorce? What was the plan for the house in the future?
Even if it is not possible for you to buy your ex out, the OR may decide to put a charge on the property rather than sell it.
If you can let me know the details of the house – how much equity there is and how long you have been divorced i can probably get an opinion for you, click on my name and email me at Debt Advice Foundation
I bought a house with my boyfriend in 2006. We since broke up and I stayed in the house and kept up the repayments for a while. Eventually I could not afford on my own and I had to move for work. There is now no one living in the house and no mortgage repayments being made. The property is also worth much less than the mortgage. I want to declare bankrupt to clear my debts but what will happen to the house and the mortgage which is in joint names?
My wife and I have recently divorced, the divorce was amicable and I allowed her and our two small children to keep the home and everything in it. I currently live where I can and do not own a car or any luxuries – I use my mothers address as a forwarding mail address as I do not know where I will be living from one week to the next, Some background, Due to the recession (I was formerly a construction manager) I have around £30,000 in debts I cannot pay as I could not find work for months, I have recently thrown in the towel and gone back in to University education to become a health professional, changing my carreer entirely, in the hope of a brighter future. I am paid £400 per month as part of my training for the above, which barely covers travel and food, let alone rent etc, I also pay a contribution to the children of £150 per month out of that money, leaving me with quite literally nothing to live on. However, even though in the divorce, it was noted legally that I was not solvent, our mortgage provider will not release me from the mortgage, I have consulted step change and have concluded I have no choice but to go bankrupt. I sincerely do not wish my ex to have to lose the home, the stress of worrying about her and my children being in trouble/homeless has made me physically ill and I cannot take the stress anymore, it envelops my whole life. How do I protect her, the children and the home from the worst? there is little if any equity in the property, maybe £5000 at a push. Please help.
ANSWER TO YOUR QUESTION:
In any bankruptcy the Official Receiver (OR) will look at income and expenditure to see if there is anything left over, after paying for daily living costs, and may seek payments for 3 years if there is £20 or more available. From the information you have provided it implies there is insufficient to cover all daily living costs and that nothing would be left over. The OR will then look at assets that are owned, or part owned, to see if there is anything to be gained from selling the asset, this could be property, vehicles or any high value items. They will also look at any assets that have been sold, given away, transferred to another person to see if this really should have been available to the OR to sell for the benefit of those who are owed money. The property may have no value and may not have any interest for the OR and therefore not be at risk, however if you are entitled to a share of the property and its value increases, or you have something that is due to pay off a part of the mortgage then this may change. It could also be the case that there were high value items that have been given to your ex wife as part of these contents of the property. It would be worth having another conversation with your adviser at Stepchange, or any free advice charity, to establish any possible consequences and if bankruptcy needs to be avoided to look at other options.
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