Coping with a Tactical Bankruptcy

mookie2805

If you are happy to accept the Trustee's assertion that your Ex only has a 32% share of the equity....which might reflect the fact he hasn't contributed [or lived in] the property for 4 years ....then you need to demonstrate a much lower property value...hence, the 32% of the equity will be less?

He was awarded 32% in the divorce settlement. We are arguing to get the payments we have solely made in order to reduce the amount further.

Its massively frustrating that we have been placed in this situation almost unlawfully. A man earning close to 50k, No kids, Girlfriend who owns a home and all he has to pay off is 2 credit cards is a joke.

Im sorry for going on about it but there really is no justice in this at all. many thanks for all your advice on this

mookie2805

I appreciate that its a legal tool but my family and I are being royally stitched up by a system designed to protect. How would any of you feel.

woodformoretrees

mookie2805 wrote: »

I appreciate that its a legal tool but my family and I are being royally stitched up by a system designed to protect. How would any of you feel.

how WOULD or how DO?
You seem to have the wrong idea about bankruptcy just based on your personal situation.
You're going to get eaten all up if you think that the whole bankruptcy system is perfectly represented by your partners ex, or that people on here haven't been forced in to bankruptcy by the actions of others.

longtermplanner

mookie2805 wrote: »

Its massively frustrating that we have been placed in this situation almost unlawfully.

It absolutely isn't unlawfaul. It You may have been effectively victimised by your ex, but he hasn't broken the law however unfair this seems.

Im sorry for going on about it but there really is no justice in this at all.

It's understandable that you should feel upset and want to explore what your options are. And here is a good place to have a rant! But this sort of stuff can take over your head and stop you looking clearly at what your options are going forward.

Best of luck, and keep coming back here with questions and for support.

mookie2805

I don't have the wrong idea about bankruptcy. As I have said repeatedly I fully appreciate people that genuinely have nowhere else to turn. But looking into this as I am going through what I am it seems that its a common occurrence. All im saying is that there are other sides to bankruptcy as well. It doesn't also take much digging round to see the amount of businesses that fold and reopen under different names to clear unpaid debts. The system seems too easy to work to be honest. But again that is symptomatic of so many areas these days

mookie2805

im sorry but it is unlawful. Earning 50k still but bankrupt with 12k of debt

silvercar

He is the one that has a bankruptcy on his credit file. He will have to carry that with him for a few years.

He is the one with a name on a mortgage on a property that he can't live in, this will effect his ability to get a mortgage even once the bankruptcy is in the past.

He has his ex's new partner calling a house that he is legally liable for their home.

While the mortgage still has his name on it, he is financially tied to his ex.

He may have got rid of some credit card debt short term, in the long term he is still tied and now has a bankruptcy on his record. If you manage to stay in the home, the bankruptcy will have back fired badly in that he is still legally financially tied to his ex.

adpod

mookie2805 wrote: »

I don't have the wrong idea about bankruptcy. As I have said repeatedly I fully appreciate people that genuinely have nowhere else to turn. But looking into this as I am going through what I am it seems that its a common occurrence. All im saying is that there are other sides to bankruptcy as well. It doesn't also take much digging round to see the amount of businesses that fold and reopen under different names to clear unpaid debts. The system seems too easy to work to be honest. But again that is symptomatic of so many areas these days

Why hijack my thread with your misguided ideas on peoples financial lives then?

alastairq

im sorry but it is unlawful. Earning 50k still but bankrupt with 12k of debt

Whilst I appreciate you are understandably upset over the matter...what your Ex has done regarding petitioning BAnkruptcy is entirely lawful!

An individual can petition personal bankruptcy for an incredibly small debt amount.

The income a bankrupt receives is entirely irrelevant to the petition.

BAnkruptcy is not a criminal matter, neither is it a punishment [nor is it intended to be, or seen to be].

Your ex's income will be a matter for the Official Receiver to deal with.

Also, being bankrupt does not preclude the individual from enjoying the benefits provided by another. Thus, a person who is bankrupt can still be seen driving around in a posh car, or enjoying a decent holiday...but it will be someone else's posh car, and someone else has paid for the holiday.

Justice has absolutely nothing to do with it. In exactly the same way that 'justice' has nothing to do with divorce.

And there's nothing more 'tactical' than divorce!

As silvercar says, the bankruptcy will stay with your ex for a long time, and prohibit how he steps forward.

Somerset

mookie2805 wrote: »

Ordered the matrimonial home to be sold This would clear secured loan/Credit Cards/Bank accounts.


We removed the house from the market and advised that it didn't need to be sold.


We began to negotiate a way of buying his share.

We are dealing with a trustee but it isn't easy for us to raise the money to buy his share.

On our current wages we cant get a mortgage to buy it.

Just curious about one thing. How were you proposing to pay for his 32% equity pre-bankruptcy ? Or weren't you planning on ever buying him out ?


Money-wise, buying the share from the OR will be cheaper. But you will have to buy it .... but then you were buying it from the ex anyway so no difference