bankruptcy and my house HELP

chicknspider

Hi
me and my husband have split up. We have a shared ownership house together but he has moved out and i have been paying the rent and mortgage on my own since april. (as well as the other bills). All he pays is £25 week maintenance for our daughter.
We have only had the house for 3 years so very little equity in it.

He was going to sign the house over into my name (transfer of equity) but he keeps threatening not to do it.

He has a loan and credit cards and is telling me that he is has now started refusing to pay them as he wants them to make him bankrupt. I believe he owes around £16000.

Could anyone tell me what the likely hood of them making him bankrupt is and also if they do make him bankrupt and he doesn't sign the house over to me what is likely to happen to me with regards credit score and housing for me and my little girl.

I am really worried about this.
Thanks

miss_spooky

chicknspider wrote: »

Hi
me and my husband have split up. We have a shared ownership house together but he has moved out and i have been paying the rent and mortgage on my own since april. (as well as the other bills). All he pays is £25 week maintenance for our daughter.
We have only had the house for 3 years so very little equity in it.

He was going to sign the house over into my name (transfer of equity) but he keeps threatening not to do it. This will be classed as transfereing an asset for which the Officiakl Receiver can reverse. If the house is in neg equity you will be able to by the Beneficial Interest (BI) which is £1 pluss costs of £200 so the OR can't reclaim it at a later date.

He has a loan and credit cards and is telling me that he is has now started refusing to pay them as he wants them to make him bankrupt. I believe he owes around £16000. There aren't many companies that will go ahead with making him Br. Most use it as a scarmongering tact, but don't follow it through. Only HMRC, American Express.

Could anyone tell me what the likely hood of them making him bankrupt is and also if they do make him bankrupt and he doesn't sign the house over to me what is likely to happen to me with regards credit score and housing for me and my little girl. BR is personal so it won't affect your credit record. Any joint debts you have will roll over to you to pay, these don't get cleared in BR. What you can do to proctect yourself, is to get a copy of all your credit records & do a clean up. Close down any joint accounts (or get your name taken off them, so you are severing the joint association.


I am really worried about this.
Thanks

Hi ya,

I've put some notes for you, but you'll be best to get advice from one of the free charities - CAB, National Debtline or CCCS. The numbers are in stickies at top of board. They will clarify the position on your house and talk you through what will happen.