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T O P I C R E V I E W
amanda.bc
Posted - 31 August 2009 : 19:08:12 About to go bankrupt, my husband and i have a joint aco**** with halifax which our mortgage comes out of every month. It is in our joint names - b4 bankrupcy should we revert this to his name only so that it is not frozen, as then our mortgage would then not be paid. No problem with paying our mortgage as bankrupcy is only me and not husband - due to my biz debts. We have a tenants in common of unequal parts contract on our property showing consideration to my husband of the first £40k in the event of sale (this reflects the true percentage of his investment and has not been put in place as a facade of the true investment). Approx £40k in equity in our property so we are hoping to keep property or at least if the OR finds that i do have equity hopefully it will be small and they will give my husband the opportunity to buy my bit of equity and not force a sale. Has anyone had experience of this before? We are hoping to rent out the property and rent a property much cheaper in another area. The money we 'make' off the rent of our property will be paid to my husband and will be used to pay the rent on the rented property (i have found out i am very unexpectedly pregnant in amongst all of this chaos and we need a bigger property to live in!!!)
2 L A T E S T R E P L I E S (Newest First)
debtinfo
Posted - 31 August 2009 : 20:32:59 If you can prove that the equity belongs to the other half then the OR will not take it
gettingoutofdebt
Posted - 31 August 2009 : 19:52:38 If there is £40k equity then the OR will want your half (£20k) to pay to your creditors. Your husband will be able to buy your half of the equity from the OR.
You should get a couple of 'quick sale' valuations from Estate Agents. Tell them that you are moving elsewhere in the UK to take up employment and need to sell the house quickly. They will give you an estimate that will be lower than a normal valuation and you can then give this to the OR. It may work out lower than £40k equity.
