•Bankruptcy Information Center
•What is Bankruptcy?
•Is Bankruptcy right for me?

•How to declare Bankruptcy?
•What happens to my assets?
•Bankruptcy and credit rating


•Bankruptcy News

Media Room:
•Press releases
•Media Coverage

•About BankruptcyHelp
•Contact us
•Debt Glossary
•Insolvency jobs

  > Browse and post on our forum
Home   |   Profile   |   Register   |   Active Topics   |   Members   |   Search   |   FAQ

Welcome to our Forum, please register if you want to post
Ask a debt question
See the last 250 posts
Watch video on how to use forum

Save Password
Forgot your Password?

 All Forums
 Chat : bankruptcy support and keeping in touch
 br buddies
 New Topic  Reply to Topic
 Printer Friendly
Author Previous Topic Topic Next Topic  

New Member

51 Posts

Posted - 26 October 2011 :  12:31:12  Show Profile  Visit bearsndogs's Homepage  Reply with Quote
It now looks as if house will be sold. However, the possible sale price is considerably lower than the property was originally marketed for. Consequently, there will be a shortfall in the amount of equity left for paying off the bankruptcy, most of which now seems to be made up of Trustee's fees (I have no idea why a Trustee was appointed in the first place anyway - surely it could have been left with the OR!). Perhaps someone could answer that for me too!

As I've said before, hubby is NOT bankrupt, so after the mortgage, solicitors' and agents' fees have been paid, along with a couple of outstanding utility bills, I am assuming the remainder is divided equally between, with my share going to Trustee.

What will happen therefore in respect of the shortfall?


forum expert

United Kingdom
565 Posts

Posted - 28 October 2011 :  09:56:36  Show Profile  Visit Blackie's Homepage  Reply with Quote
Hi bearsndogs

Your bankruptcy would have been transferred to a Trustee as there was an asset involved, which need dealing with. That is alas why there are Trustee's fees.

I am assuming the house was in joint names between your husband and you and that he was unable to raise the finance to buy your share. If this is the case and there is a shortfall in the sale of the property, the mortgage company, or any secured lender, is at liberty to chase your husband for any shortfall as he is not bankrupt.

All the best.

John Blackadder

For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.
Go to Top of Page

New Member

51 Posts

Posted - 28 October 2011 :  10:23:08  Show Profile  Visit bearsndogs's Homepage  Reply with Quote
The mortgage is not the subject of the bankruptcy - it's always been paid up to date and no other monies are secured on the property. Unfortunately, it was a credit card company (or rather, one of their "henchmen"!) who petitioned for my bankruptcy and which was nothing to do with hubby. I am aware that in divorce cases, the remaining equity is shared between the two parties, so that if one party, in this case me - no we're not getting divorced (well, I hope not anyway!!) has debts or is bankrupt, then that share is offset towards the bankruptcy/debts. Hence my query regarding the shortfall. Surely hubby would not be chased by the creditors for my debts, when they were nothing to do with him. In any case, there would still be insufficient monies to cover the bankruptcy.

Go to Top of Page

forum expert

United Kingdom
2211 Posts

Posted - 28 October 2011 :  12:45:00  Show Profile  Reply with Quote
The Trustee can only take your share of any equity. If there is not enough to clear your debts in the bankruptcy they can't chase your husband for any money.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
Go to Top of Page

New Member

51 Posts

Posted - 28 October 2011 :  14:16:27  Show Profile  Visit bearsndogs's Homepage  Reply with Quote
Thank you so much. That's all I needed to know.

Go to Top of Page
  Previous Topic Topic Next Topic  

 New Topic  Reply to Topic
 Printer Friendly
Jump To:
bankruptcyhelp.org.uk Forum © bankruptcyhelp Go To Top Of Page
Powered By: Snitz Forums 2000 Version 3.4.06