some advice please

hanandhen

hi

my ex partner wants to go bankrupt he has about £60k worth of debt, my questions are

a, will the debts come off his half of the profit which will be about £50k as house would sell for £250k mortage of £100k so 50k each.

b, is there anything i can do to keep the house, but i am a single parent with 4 children 2 of those children being autistic, plus i would not be able to rent a house for what i pay on the mortage,

c, would i be entitled to any of my ex,s half being that i am the one bringing up the children,

any advice would be great
thanks

silvercar

Has your ex taken advice that bankruptcy is a necessary action or is this just something that he is throwing at you as a possibility?

a, will the debts come off his half of the profit which will be about £50k as house would sell for £250k mortage of £100k so 50k each.

That would be 75k each! Have you a financial settlement with your ex detailing how much of the equity belongs to you?

b, is there anything i can do to keep the house, but i am a single parent with 4 children 2 of those children being autistic, plus i would not be able to rent a house for what i pay on the mortage,

The official receiver will claim your ex's share of the equity in the property. You would have an opportunity to buy this off the official receiver, but you seem to suggest you couldn't increase the mortgage to do this. I don't know whether the OR has the power to force you to sell up.

c, would i be entitled to any of my ex,s half being that i am the one bringing up the children,

Does your ex pay you maintenance for the children?

You may be able to claim some of the equity. It could well be that you need to take your own legal advice.

hanandhen

hi
thanks for the reply,

my ex just said we would split the profit half each and if he is allowed he will give me some of his share for the children but we did'nt know if that was allowed,

if the or can not force me to sell then does he just put a charge on the house for my ex's share then he gets it if and when i sell

hanandhen

he gives me £30 a week for the children he is self employed and work is a bit slow at the moment, he is a very good dad see'e the children all the time and we are on friendly terms

debtinfo

ok
couple of different questions here. First were you married, did either one of you put more of the deposit down than the other, did one pay more to the mortgage and other bills then the other, did one pay for improvements (ie an extension) than the other, Finally how long have you been living there after he moved out, has he been paying you any money over that period either towards the mortgage (or straight to the mortgage) or any other payments to you like child maintenance

hanandhen

ok
couple of different questions here. First were you married, did either one of you put more of the deposit down than the other, did one pay more to the mortgage and other bills then the other, did one pay for improvements (ie an extension) than the other, Finally how long have you been living there after he moved out, has he been paying you any money over that period either towards the mortgage (or straight to the mortgage) or any other payments to you like child maintenance

ok
couple of different questions here. First were you married, did either one of you put more of the deposit down than the other, did one pay more to the mortgage and other bills then the other, did one pay for improvements (ie an extension) than the other, Finally how long have you been living there after he moved out, has he been paying you any money over that period either towards the mortgage (or straight to the mortgage) or any other payments to you like child maintenance ,

hi

no we have never been married, deposit came from sale of another house and the deposit for that house was out of joint savings, we had lived together for 9yrs before we brought our first house,

bills were all paid out of joint acc as both worked upuntill 2005 when he started his own bussiness then i worked for him,

has only been moved out properly for 6 months, mortage being paid for as i am a single parent and he is classed as a part time worker on job seekers as he has very little work,

he gives me £30 a week for the children

debtinfo

ok, then given all that it is very likely that they will treat it as a 50:50 split, maybe a very little bit in your favour.

The OR/Trustee will want his share paid to them, they will first offer it to you to buy or a family member or friend. If no one can do this then they will eventually move to getting an order of sale from the court, which means that the house will have to be sold.

You get to keep your share if this happens, sometimes if you know this is going to happen it is better to sell the house yourself as you will probably get a better price as it wont be a rushed forced sale(you could even start the process now). The judge will usually give you a year before they will actually make you leave but that is at the discretion of the judge

With your half you could rent or even put a deposit on your own house