when he goes bankrupt do i lose my house

mollie11

Hi can any one help with some advice ?


I purchased a house with my brother back in sept 04 unfortunatley he has just been made redundant and because of his debts he may have to go bankrupt.



He has made no payments towards the morgage for many years now and has previously received alot of equity out of the house. He wants no more share of the house.



My question is that when he goes bankrupt do i lose my house ?????

or is it the case that because he has received all of his half of the equity and that none of his money is left in the house do i get to keep it ?

dojoman

Hi and welcome:)


Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/

debt_doctor

mollie11 wrote: »

Hi can any one help with some advice ?


I purchased a house with my brother back in sept 04 unfortunatley he has just been made redundant and because of his debts he may have to go bankrupt.



He has made no payments towards the morgage for many years now and has previously received alot of equity out of the house. He wants no more share of the house.



My question is that when he goes bankrupt do i lose my house ?????

or is it the case that because he has received all of his half of the equity and that none of his money is left in the house do i get to keep it ?

Hi, should he go BR then this will certainly be looked at closely as to the timing of the realisation of his share of the equity and what happened to it.

If he has genuinely had the true market value of his equity value then the remainder is yours.

DD