Joint Property

Cartering1

I have been made bankrupt and my TIB now wants to force the sale of my house which is owned jointly with my wife.


I always thought that the TIB could only recover my debt from my assets and therefore could not touch my wife's share of the property; is this correct?


Also my wife and I hold the property as tenant in commons with a 50/50 split.


Can someone please advise?


Thanks


C

Mollie_Guinness15

I think the only option you have to keep the house is if someone buys your beneficial interest in the house.

Cartering1

Does that mean that they can take payment of my debt from my wife's share of the sale proceeds?

coolcait

The way it works in Scotland - and I'm pretty sure this is one of the things which is the same south of the border - is like this:

- there's 'x' amount of equity in the property

- half of the equity is yours, half belongs to your wife

- if your wife, or another third party, is able to find the money to cover your half share of the equity, the property won't have to be sold

- if the property has to be sold, your wife will get her half share of the equity. The Trustee can't touch it.

- the Trustee will get your half share of the equity, to go into the bankruptcy pot

If your wife hasn't already been to see the local CAB, or a lawyer if you can stretch to that, it's worth while her doing so - that way she can get advice on how this will affect her, and what rights she may have.

tigerfeet2006

Coolcait is correct in the general way it works.

Who did you take advice from before you went BR?