| T O P I C R E V I E W |
| widemouthfrog |
Posted - 29 May 2010 : 15:17:58
My husband is going to file for bankruptcy and has left me in the process, I think to protect me. A major concern is my house. I own it 100% my husband has never been on any paperwork to do with it however when we bought it my dad gave me £15,000 to help buy it and my husband £10,000 to pay for fees plus a bit. My husband tells me that the OR will try to establish whether he has a beneficial interest in the property. The property is worth in the region of £180,000. Will I have a problem with the OR over this? |
| 15 L A T E S T R E P L I E S (Newest First) |
| widemouthfrog |
Posted - 29 May 2010 : 17:41:13
I can honestly say that no one item is worth more than £1,000. We have an Edwardian dresser that was made to look older and that is worth about £400 - 600 retail - at auction less probably. You see you can furnish a home for cheaper with Victorian and Edwardian Brown furniture and be environmentally friendly at the same time.
I will certainly make a list, good idea. |
| debtinfo |
Posted - 29 May 2010 : 17:30:31
Thats good that he is keeping it for them, if he is still going to be working after the bankruptcy then then keeping some sort of van should not be a problem.
In preperation it may be worth doing an inventory of what you have in the house and working ot what is his and what is yours especiially if he has anything that would auction for more than £1,000.
Usually household goods are not taken in a bankruptcy but given the nature of his work i think that a sensible OR would at least ask a few questions to ascertain the situation |
| widemouthfrog |
Posted - 29 May 2010 : 17:24:49
quote:
Originally posted by debtinfo
The OR will allow him to have a van as it is a tool of his trade, if they think the Van is to expensive they may take it and give him a cheaper one back.
One thing, is he still trading at the moment, does he have a trading premisis, does he have a stock of antiques, are any of the household items antiques
He's just trying to raise the £600 to file, so basically he has stopped trading. There is stock - lots of it and he isn't touching it because he knows that they will want it to pay off creditors. He has stock in an antiques centre ( he has told the centre not to sell any of it), he closed the shop in April. We do have antiques in the house but most are mine from before we married and fairly low valued brown furnture (I worked for an auction house) but I can't prove what is mine as some are family inheritance, small purchases I made for which I don't have receipts (never thought it would be necessary!) |
| debtinfo |
Posted - 29 May 2010 : 17:12:27
The OR will allow him to have a van as it is a tool of his trade, if they think the Van is to expensive they may take it and give him a cheaper one back.
One thing, is he still trading at the moment, does he have a trading premisis, does he have a stock of antiques, are any of the household items antiques |
| widemouthfrog |
Posted - 29 May 2010 : 17:00:36
you've been so helpful thank you. Can I ask you one more thing. My husband is an antique furniture dealer and does house clearances for which he needs a van. He is self employed so needs his van to continue to earn an income - I understand that he can't get benefits. I have an estate car worth £560 and his van is worth about £7,000 ( but is a little broken at the moment) - will the OR try to take his van and tell him to use my car? |
| debtinfo |
Posted - 29 May 2010 : 16:45:02
not interorgated, but they will ask your husband and will probably send you a letter just to find out all the facts. Keep hold of those purchase details, they will come in handy to prove what you say is right |
| widemouthfrog |
Posted - 29 May 2010 : 16:43:31
Will I be questioned by the OR then? I've got all my purchase details (solicitor and his fees etc)in a folder. |
| debtinfo |
Posted - 29 May 2010 : 16:39:50
Make sure when you are asked you mention how much you put in, there will be questions obviously and some need for negotiation, but i think you should be able to come to an agreement, if not come back and ask |
| widemouthfrog |
Posted - 29 May 2010 : 16:37:42
thank you, I lost a few heart beats then. thank you |
| debtinfo |
Posted - 29 May 2010 : 16:35:53
ahhh. that changes things a bit, so if understand correctly.
You actually put in £107,000 of your own money (£155,000 - £48,000)
The mortgage company put in £48,000
Your dad put in £15,000
Your husband put in £10,000
In that case your husband may still have an interest as he has put a small amount in and has been contributing but it will be a small interest perhaps £10-15,000 (just my guess). |
| widemouthfrog |
Posted - 29 May 2010 : 16:29:39
sorry £39,000 left to pay!
|
| widemouthfrog |
Posted - 29 May 2010 : 16:28:22
sorry I think that you may have missunderstood When I bought this property I put in £155,000 of which £48,000 was my mortgage, Dad put in £15,000 and my husband put in £10,000. I have been paying the Mortgage and now there is only £39 left to pay. |
| debtinfo |
Posted - 29 May 2010 : 16:18:30
ok, when is say security i mean, mortgages, charges secured loans etc. any thing that has to be paid out of the proceeds of the property.
Given that there is £140,000 of equity, you both put in similar amounts at the start, the money has come from your husbands business and he has been paying similar amounts into the household as you have then the Trustee is sure to think that he has an interest in the property.
The exact amount would be something to be negotiated with the trustee, but im afraid it is likely to be substantial, possibly up to 50%.
Can you think of any reason that you couls prove that you have contributed substantialy more than him |
| widemouthfrog |
Posted - 29 May 2010 : 16:11:11
- oh and we have made no alterations!! |
| widemouthfrog |
Posted - 29 May 2010 : 16:10:03
quote:
Originally posted by debtinfo
How much is currently secured on the property, has the house been altered, have you both been employed, have you both paid towads the mortage and the bills
Thanks for getting back to me. Forgive me but what do you mean about secured on the property? I have a small Mortgage left of £39,000 and that's it. I have being paying the mortgage myself. My husband is self employed and I have been working for him for the past 5 years so have just been made redundant. He has been paying the insurance on the property, the council tax, utilities. |
