Go BR or not?, how does it affect my partner.

savi

My partner of 6 years has recently been made reduntant and has "signed on" for dole money.
He has been living with me for about 18 months and has debts of 35k which untill recently he was just able to meet payments. He has been advised by cccs to go Bankrupt, but is worried how this will effect me.
He has no assest, the car he use's is in my name, only property he has is clothes,cds,no tools etc
The house is mine. mortgage in my name and i pay all bills and mortgage but we have been told by cccs that there may be a "benificial interest", what is this and how does it work/affect me.
When he was working he paid me in cash which i used for food shopping,petrol, childcare etc ( i have 2 children).
Does him going br affect any inheritance i may recieve ( not that i'm expecting any lol) from a parent/grandparent.
Or is an iva better.or is that a no go as he has no job
very confused:eek:

peachyprice

Hi Savi,
If your OH goes BR it should have very little impact on you.

How long have you owned the house?
The beneficial interest he may be seen to have in the house depends on how long you have owned the house and if he has contributed significantly to the mortgage and/or any major work on the house, for example if he'd paid for a new kitchen or extension. The longer you have owned the house before he moved in will reduce the BI significantly, and if he hasn't made any major contribution it would be almost non-existant.

Him being BR would make no difference to your inheritance.

savi

Hi Peachyprice
I have lived here for 11 years i have had my own mortgage for it for 7 years having previoulsy bought out my ex on our divorce,
He has never contributed towards the mortgage and i have had no major work done.
Unless you argue that the money he was paying (which we had agreed would be towards his half of bills but never towards mortgage) but as i said it was in cash and up to me what i did with it

skylight

Also, bear in mind, that if for some reason his OR thought he had any BI in your property, it would only be a percentage of any equity.

50/50 would be if you both owned the property. If he had been directly paying the mortgage, you could argue 75/25 maximum. *If* there is some BI for him (which is unlikely anyway) you can argue as small a percentage as possible - if there is any equity.

peachyprice

That's great news that you've owned the house for so long, it obviously has nothing to do with him.

The absolute most BI they could say he has is 50% of any equity from the time he moved in until he goes BR, but as he hasn't paid anything towards the mortgage, only for food and utilities, it's unlikely he'll be deemed to have any BI at all.

robsimps53

From what you have said above i think you would be fine and the bankrupcy would not affect you in any way.
Im sure others will tell you the same on here but if you are still a little unsure or need any other queries you could phone the insolvency helpline, they can give you more info on this

hope this helps

savi

Thank you the advice everyone some usefull answers