Bankruptcy and property

charlieO_2

I was declared bankrupt in 2012 and the house is co owned with my wife. all my debts were historic some more than 10 years old.
She was given to settle £10K to buy, pay off the trustee.

Last year late, due to property value rises in London the trustee now says the property is worth lots and demands excess of £30K or else force a sale of the property through the courts.
We are struggling to raise the £30K due to modest means and also cannot afford to have the house sold, will render us homeless

Does any one have that experience and what advice. i need it urgently as we need to conclude the matter

Thank you

Annisele

charlieO wrote: »

She was given to settle £10K to buy, pay off the trustee.

I don't understand what that means. If your wife has already paid £10k to buy the beneficial interest, then it's hers - and nobody can come along asking for £30k now.

I think the first thing to establish is whether the OR really is entitled to £30k. You should take advice, possibly from Shelter or National Debtline. If your house hasn't yet been dealt with, then this factsheet might apply.

Ultimately, if the OR really is entitled to £30k, and you can't pay, then the house is going to have to be sold. That won't leave you on the streets; if you can't afford to rent privately you'll be entitled to some help. Plus, if the OR is right to say your share of the equity is worth £30k, presumably her share is also worth that much - so you'll have plenty of money to rent.

National_Debtline

Hi charlieO


Have just seen your post and wanted to echo Annisele - you should seek some advice from one of the free agencies ASAP. Things appear to be at an advanced stage and you can't afford to just rely on the forum for guidance now, as the house is definitely at risk.


Dennis
@natdebtline