Husband's Plans

Pere_Ubu

My husband and I are separarted. I own 95% of house he 5% (tenants in common). We separated 2 years ago. It is understood that all the contents of the house are now mine. This is not in writing but I have no doubt that my husband would not claim any of the contents. My concern is that he has alot of debt that he is unable to service and is thinking of going bankrupt. What will this mean for me and the children (we have 3)? What will happen to his 5% of the house. Will I be forced to sell it to hand over his 5% for the bankrupcy? There is a charge on the property in both our names, a loan that is only 2 years old his 5% doesn't cover the loan outstanding. What about the contents of the home? Thanks for any advice you guys can give.

HairyHandofDartmoor

I don't know enough to advise you on this, but hopefully someone else will come along who can help you.

chevalier

Erm me neither
But separated is not the same as divorced, so that might make a difference.

Suggest you post this question in the Bankruptcy forum as you might get a more detailed answer.

CLAPTON

you need to be clearer

how is there a charge on the house in both your names unless the loan is joint?

Pere_Ubu

CLAPTON wrote: »

you need to be clearer

how is there a charge on the house in both your names unless the loan is joint?

Yes joint. The mortgage and loan is in both names. I'm going to post this in bankrupcy as well t see what they say there.

CLAPTON

The important thing here is that joint loans will become your (sole) responsibility if he goes bankrupt as you are both jointly and severally responsible for them.