Advcie on my house ref BC please

debt23

Hi everyone,

Just a passing question really, on the 'better to be prepared' line.....

For the first seven years of its life, our house was in my name and I paid the mortgage, the wife paid all the household bills etc.

When I got into debt troubles, my wife took over the mortgage payments - she took out a new mortagage with a different lender in her own name and effectively brought the house off me.

Now, that was only a few years ago,and I am aware that if Im bankrupted then they can pursue my interest in the equity in the house etc etc, but......

Is my equity calculated on the value of the house today,or when I 'sold' it a few years ago?

Might be a tricky one to answer, just wondering thats all.

All the best

Debt23

silvercar

check that the house is registered in her name, not just the mortgage.

I would have thought, especially as a few years have passed, that all the equity belongs to your wife and is nothing to do with you.

debt23

Hi,

Yes, its in her name, 100%.

I think I have to wait five years for there to be no claim on the house.

Just not sure what would happen if anything occurred in the near future.

All the best

Debt23

rog2

The OR will ask if you have 'gifted' your share of the house, but I'm not sure in your position, as your wife effectively bought the whole house - not just your share. In my opinion you should be ok, but you might like to check this on the Insolvency Helpline website.
There are a few good links in the Bankruptcy Club thread.