Newbe needing advice.

appaloosa_eagle

Hi there,
I live abroad but I own a a house in England which me and my husband are trying to sell. He has racked up loads of credit card debt (100K) and is planning to declare himself bankrupt. He is a self-employed plasterer but is not a limited company. He tells me that when he declares himself bankrupt they will not take the house. Is this right or am I being fleeced and about to loose my half?
How does it work?
Tracy.

appaloosa_eagle

anybody ?!?

Flm67

If the house us in joint names they can only take half the equity. Either by forcing a sale or someone buying put your partners share. Is there equity in the property?

TheGardener

HI OP - this board is fairly quiet at weekends - I am sure one of the board regulars will give you a fuller answer tomorrow. I am no expert on how BR affect houses but my understanding is that if the house is in joint names, the OR can only take your hubbys half. It may be if there is not much equity, the OR will offer you the opportunity to buy your hubbys half of the interest. There are some set costs for this (about £1000 I think) but as I said, this will need one of the more knowledgeable posters. Who has been paying the mortgage? If its you and you are still sovent then it is not automatic that the OR will insist on sale. Hang on in there and someone will be along in the week to answer your question better than I can.

appaloosa_eagle

Thanks guys. We have about 3/4 of our morgage still to pay-will this affect anything? I have been paying the morgage alone for the last 2 years.

debt_doctor

Hi,


Could you clarify a couple of things for me?


Who lives in the house now?


Is it jointly owned?


What is your estimate of the total equity?


DD