£40,000 to pay to creditors for ex partners bankcruptcy.

scrumcious

Good morning everyone I will try to explain briefly my ex and me split up about 6 years ago, he sold me the property we lived in so to provide stable home for our daughter, value of property was £120,000 he sold it me for £60,000 and the rest of the equity was split for me and my daughter. 6 months after the transaction he went bankcrupt which i was not aware of, now after 6 years his creditors have come to me for the money he owed, at the time was £24,000 they saw the property was sold at undervalue and took me court. After 1 year of our split i met my new partner and he moved in with me we took out a mortgage together of £100,000 and we both pay mortgage,bills ect. We then had a remortgage of another £15,000 to put an extension on the property. After going to court the solicitors acting for the creditors won the case and with solicitor cost's and interest they now want £40,000 off me. I have not got it and we struggle as it is, could they make us sell the house, could they take my husbands share in the property, could they make me bankcrupt, could i go bankcrupt myself. this is really messy i dont know what to do, i have wrote to the solicitor asking for this amount and have provided a financial statement and made them an offer.
Please help with any advice, much appreciated.

epsilondraconis

Was a solicitor involved when you initially agreed with your ex for him to sell you half of the property for £60k?

scrumcious

hi yes it was all done through the solicitor originally. but the judge at court awarded the creditors 6 years after the original transaction was done.

peachyprice

Have you known for the last 6 years that they would be coming for this money?

scrumcious

No none of us were aware until my husband and i got letters off the creditors solicitors stating they were after the bankcruptcy estate of my ex partner.
ps why has my thread been moved and where has it gone.
thank you.

fermi

scrumcious wrote: »

ps why has my thread been moved and where has it gone.

Sorry that was me. I was going to reply with this but got sidetracked for a minute or two.

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

It has been moved to this board.

Link: Bankruptcy & Living With It

Where there are people who are more likely to have the knowledge required to help.

scrumcious

Hi guys just to follow up i have made an offer of £10 a month to the solicitors if they accept this can we sell our property and would they touch my husbands share in it. If they refuse offer could they make me bankcrupt. just an example if our property was worth £140,000 and we paid back the bank who have first charge of say £120,000 that would leave £20k £10k each for me and hubby can the creditors take mine but not hubby's. Im just looking at different senarios at the mo.
many thanks for some advice appreciated.ps could we sell our property still even if the creditors acept an offer.