separated but ex going bankrupt, house help

jordygal

I'm seperated from my ex, got decree nisi. he has announced he is going bankrupt, the only asset in joint names is the house which is on a joint mortgage. I live in the house with the children and have paid the mortgage alone for the last 4 years. He tells me I will have a year to sell and get out. there is about £35,000 equity in the house. Is this correct and is there anything I can do to save our home?

Anondebtadvisor

The trustee in bankruptcy will have realise his share of the equity which may not be as much as half if you have paid the mortgage for 4 years, you will need proof of this and should be prepared to dispute the claim against the property.

If you dispute the claim in court, the legal fees for the OR will be much higher than average for a bankruptcy so may make it not worth their while pursuing the house. Do you have any funds available to buy his share of the equity?

arcon5

Supposing you can't remortgage or something to buy his share of the equity?

If you've been paying the mortgage for 4 years this will help persuade a receiver/courts your interest in it is significantly more. Maybe start by making it clear to the receiver you will happily fight it out in court, then offer a derisory sum of say £5k and say what they counter at.

Who paid what proportion of the deposit?

DS4215

Do you have a financial settlement from your divorce and what does that say about the house?

National_Debtline

Hello there,

It is generally the case where the trustee in bankruptcy wishes to sell the home you would have up to twelve months to find alternative accommodation. As the others have already mentioned you (or someone else) may be able to buy your ex-partner's share of his 'beneficial interest'.

Some good information regarding the home and bankruptcy can be found here:
http://www.bis.gov.uk/assets/insolvency/docs/publication-word/what-will-happen-to-my-home.doc

Best wishes,

David @ NDL

debt_doctor

DS4215 wrote: »

Do you have a financial settlement from your divorce and what does that say about the house?

This is a very important question to answer.


DD

Utseya123

If your divorce decree did not end your soon-to-be-bankrupt, ex- spouse's co ownership of the home and co-signing of mortgage, you may take legal steps to end it now. The fact that you are servicing the loan for the last 4 years and that your children and you are residing there, may work in your favour. Be sure that you are able to demonstrate this. Good luck!