Estranged husband going bankrupt

Xbigman

Also note that the minute a solicitor hears the word bankruptcy they only think of getting their fees and their advice is no longer 100% reliable.
Regards



X

inmypocketnottheirs

Sorry to state the 'bleedin obvious' from the above posts, but I am not sure about the validity of advice you are being given. Far be it for me to question the advice of your qualified lawyer, but I think you should be getting a second opinion. Do you have any credit cards that give legal assistance. Many cards offer this as a secondary benefit. It could also be part of your household buildings or contents insurance, or as a part of any loan you may have. Check all agreements to see if you have this facility, then phone and ask for advice. Personally, I would make out this has all just blown up and you have not taken any advice yet and cant get to a solicitor til mid week. Make copious notes of any advice you are given and take these with you when you go to your solicitor.

One word of advice. The legal profession here do not fully understand bankruptcy. As another poster said all your sol will be worried about now is getting paid. Do a google for the British Bankrputcy Association, I am sure they will have a helpline facility. Plus bear in mind, somebody will have to petition for him to go into bankruptcy. Who is that likely to be?

HTH

hobo28

Completely agree with Tim_L

Something smells very fishy here. I'd suggest also seeing another solicitor just to get a second opinion. I just don't think that advice sounds right. What your solicitor is in effect saying is "Give everything up now in the hope you get something back". Just sounds dodgy.

I also don't understand why its too late for you to buy him out?

Somerset

I'd suggest you actually talk to an insolvency practitioner rather than another solicitor. As previously mentioned, solicitors know general law but insolvency is a very specialised area that solicitors wouldn't generally be familiar with. I know a web site with a section where you can actually 'ask an expert' ( debt advisor ) a question with all your specific background/detail/problem. It might take a day or two for an answer but it will be from someone who deals with bankrupcy/OR's every day. I'll pm the web address to you.

EDIT - It's free

MyUserNamesTaken

inmypocketnottheirs wrote:

Sorry to state the 'bleedin obvious' from the above posts, but I am not sure about the validity of advice you are being given. Far be it for me to question the advice of your qualified lawyer, but I think you should be getting a second opinion. Do you have any credit cards that give legal assistance. Many cards offer this as a secondary benefit. It could also be part of your household buildings or contents insurance, or as a part of any loan you may have. Check all agreements to see if you have this facility, then phone and ask for advice. Personally, I would make out this has all just blown up and you have not taken any advice yet and cant get to a solicitor til mid week. Make copious notes of any advice you are given and take these with you when you go to your solicitor.

One word of advice. The legal profession here do not fully understand bankruptcy. As another poster said all your sol will be worried about now is getting paid. Do a google for the British Bankrputcy Association, I am sure they will have a helpline facility. Plus bear in mind, somebody will have to petition for him to go into bankruptcy. Who is that likely to be?

HTH

I agree with the above post apart from one thing:

He doesn't need someone else to petition for him to go into bankruptcy. He can petition for his own bankruptcy. Whether or not it is granted is an entirely different matter.

Addicted2Chocolate

agree you need to get advice from an insolvency practitioner. look them up in yellow pages.
If the house is still in joint names and he does go bankrupt, it is not likely to be repossessed by mortgage company unless repossession proceedings have already started. Why woud they incurr the costs of proceedings if they can leave it to the Trustee? the trustee would realise his half share in the property by offering it to you, or selling property.
if he tries to remortgage he will have to sign a declaration of solvency, so he would be lying in order tog et the remortgage. My insinct is that you should not rely on your solicotor's advice, get 2nd opinion from an IP.

donnalove

have you contributed to the mortgage in the last 2 years, how long did you live there this would all be taken into account if he went bankrupt.
the or would work out what his benificial interest was in the property. the mortgage company would not reposses the house. the ownership of the house would pass over to the or untill he has worked out what the bi interest was of both parties, you would be given an oppertunity to buy out his bi which would be value of house- mortgage-your bi, whatever is left is his bi which the or would want if you cannot buy the bi then the or will order for the house to be sold, but you would get your bi after sale as the bankrupcty is nothing to do with you and the or cannot take your money for his debts.