Bankrupt will i lose house

edwardncfc

Hello
could you please help i have run up depts of £140000.00 unsercude but i have a house with £120000.00 eq in it but when my wife found out that i had this much dept in abusiness she wanted help so we have put 90% of eq in her name this was a year and a half ago i have also got 47000.00 of chargs on our house .am i going to lose our house if i go bankrubt i thought i was going to get out of dept i i have not many thanks if you can help

tigerfeet2006

Hi and Welcome to the Bankruptcy (BR) Board. First step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *
Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• StepChange (formerly CCCS) - Website: StepChange Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash take your time and weigh up your options and read everything you can.

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Select the MSE format at the end. Copy and paste onto your thread.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

BR Abbreviations

Beth's Guide Reasons for your BR

Charities who help with BR Fees

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

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And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

In your situation I would start with Business Debtline.

In my opinion I think that the OR will try and reverse the change of equity to your wife and then ask for 50% or so of it. How much was the equity?


Best wishes
TF...x

Mouse1812

edwardncfc wrote: »

Hello
could you please help i have run up depts of £140000.00 unsercude but i have a house with £120000.00 eq in it but when my wife found out that i had this much dept in abusiness she wanted help so we have put 90% of eq in her name this was a year and a half ago i have also got 47000.00 of chargs on our house .am i going to lose our house if i go bankrubt i thought i was going to get out of dept i i have not many thanks if you can help

By your own confession putting 90% of the equity into your wife's name was only done to protect your home from your creditors.

In bankruptcy this transaction could be reversed and on those figures you need to prepare for the worst. No OR or IP will allow you (or your wife) to keep £120,000 when you owe others £140,000. You wife may however be allowed to keep her half.

Sorry to be the bearer of bad news but there is a real risk you will lose your home. You therefore need to start work on plan B asap.

You will get a lot of help here if wish to ask any more questions. Good luck.