Can anyone help?x

mumsnopennies

If all my debts are in my name and the mortgage is in my husbands name and i go for bankruptcy , could they make us sell the house?x

McKneff

Whose name is on the deeds.

mumsnopennies

my husbands x

fermi

Not always just a matter of who has legal title.

Depends on who has paid or contributed (directly or indirectly) to the mortgage over time, paid any deposit, contributed to repairs/upkeep.

And in some cases an increased interest in the property can made by simply bringing up a family in the home and maintaining the property, as in Midland Bank plc v Cooke and another (1995 4 All ER 562), where it was held that this implied the intention for beneficial interest to be shared equally regardless of legal ownership.

If you've only just married/moved in, then beneficial interest is likely to be zero or minimal.

If you have lived in the property together for some time, then the OR may investigate whether you have accrued a beneficial interest.

Not a disaster if you have, as your OH could buy it back from the OR/trustee.

mumsnopennies

we have lived here since 1999 , I had no idea about beneficial interest , I have a lot to learn

debt_doctor

How much do you owe?

DD

fermi

Post from OP's other thread.

mumsnopennies wrote: »

Where to start?
Im seriously in debt, to the tune of 25.000. One debt being a loan of 13.000 and the rest is on various credit cards.
Im married with four children , my husband is self employed and im not working. I receive 1000 a month in benefits and virtually all of it goes on repaying my debt.
We have a mortgage which has only 5 years left.
The end of the month arrives now and I havent enough left in the bank to cover the direct debits so I draw cash out on my credit cards to put in the bank and the circle goes round and round.
I finally got my head out the sand and went to the citizens advice , he filled out a SOA (i think thats what it was) and told me I qualified for legal aid and told me to come back next week . I asked him does he think they can help me and he said probably yes , he said you will have to declare yourself bankrupt as il never be able to pay back what I owe with what I have coming in .
After reading more about bankruptsy on these forums I wondered is that the best option??
In my stupidity I thought I could close the accounts and arrange a repayment plan or something similar?
My husband has started his own little business and is bringing home about 300 a week and knows nothing whats so ever about my debts
Has anybody any advice for me ?
The mortgage is in my husbands name and the debts are in mine - if I went bankrupt could they take our home?:(

debt_doctor

..... pity it is more than £15k, DROs dont consider beneficial interest unless it has been 'established' so she could have applied for a DRO.

DD

PippaGirl_2

mums, I would think a debt repayment plan might be better in your situation. I would encourage you though to disclose everything to your dh so you can work through this together. Remortgaging to pay off the debt might be an option, however you need to examine the reasons you have got yourself into the debt in the first place, many people spend what they don't have to boost self esteem or to quell emotions and if you don't learn new ways of dealing with that you will just enter a new cycle of spending/debt again once this is paid off.

McKneff

Anything stopping you from looking for a job.

You really should be telling yor husband about your debts, especially if it can affect the house which is in his name.