| Author |
 Topic  |
|
|
Richard.gl
Starting Member
3 Posts |
 Posted - 03 March 2013 : 11:52:29
|
Hello,
Back in early 2012 I discovered a large debt that my wife had accumulated without my knowledge (£30K+).
Inevitably this lead to big arguments and the eventual breakdown of my marriage. We separated and as we owned a small property jointly, she moved with out with my two young daughters to a bigger property (renting).
I spent £1000's removing her name from our mortgage and property deeds, so that the property was only in my name (as she had only made 1 monthly payment in 6 years of ownership and property is still heavily in negative equity - naturally she agreed it should be all mine!).
After nearly 1 year of separation we have managed to resolve our differences, and are looking to get back together and rent a house big enough for our family whilst I rent out my small flat.
I have been told by a local estate agent that I may be able to sell my small flat whilst I'm also renting it out (wife removed from mortgage and deeds), for a very small profit after fees and commision .....£500-£1000.
My question is this: if my wife is still undischarged bankruptcy from her debt I.e less than 1 year from being declared bankrupt (all debts are in her name and the only joint account we had was the mortgage - which she has been legally removed from).... If I now attempt to sell my small flat for a small profit, would the recievers from my wifes bankruptcy look to take any profit from the sale of my property? Even though she has been removed from the property mortgage and we would be living back together in rented accommodation??
Thanks
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 March 2013 : 13:39:50
|
Hi and welcome to the forum.
I take it there was no problem with the fact that your wife had been removed from the deeds? Did the OR know about this? |
 |
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 03 March 2013 : 15:27:04
|
Hi Richard,
As Niobe has asked, how did your wife's official receiver deal with property at the time?
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 |
|
|
|
Richard.gl
Starting Member
3 Posts |
Posted - 04 March 2013 : 10:21:06
|
Hi all,
We have heard nothing from the OR concerning the deed transfer (completed May 2012), since it was stated and reasoned on the bankruptcy application forms over 2 months ago.
Since then my estranged wife's bank account has been frozen and was told by the OR that it was a 'straight forward case'...whatever that actually means, that is about it so far.
Should I expect a call from the OR concerning the deed transfer or would they of contacted me sooner if that was the case??
Considering that on paper I am currently about £10K in negative equity on this property - confirmed by several estate agent evaluations last year (also £28K negative equity relative to the initial bought price!!), I can't see how they would obtain any interest in it TBH?
But like I inferred before, if an investor with more money than sense were to come along and hopefully buy the property leaving me with a £4K profit for example, would the OR still look to obtain half this share if the deed transfer happened May 2012 and my wife had contributed just 1 months payment in 6 years of ownership? Sorry but I don't know how this works with OR's.
|
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 March 2013 : 11:22:18
|
I would have thought that they would have mentioned it by now. I take it your wife has had her interview with the OR? Is she going to have an Income Payment Agreement?
Which bank is she with and has the OR said why it is still frozen (assuming it still is?) |
|
|
|
Richard.gl
Starting Member
3 Posts |
Posted - 04 March 2013 : 12:43:14
|
My wife had a phone interview with the OR 2-3 weeks after filing for bankruptcy. There is no Income Payment Agreement involved, she does not work (single mum with children).
Barclay's closed down her account with immediate effect. Caused a lot of chaos at the time. She has another basic account with the Post Office now I think.
|
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 March 2013 : 13:16:46
|
Unusual for Barclays. Glad she has got another account sorted.
I would think that if you haven't heard anything by now that things would be ok. If the OR is saying this is a straightforward case then I would think that at the end of the twelve months she will get automatic discharge.
|
|
|
| |
Topic |
|
Hello, would my wife's bankruptcy receiver look to take any profit from the sale of my property ?
