Just one thing...

threeofus

Think he is discharged, has never discussed it with me, didn't talk about any of it to me. The OR did take him to court yes, and he has a payment plan in place. But will not cover the balance of his debts after the BI in our home is released - he will still owe in excess of £60k so from what people have said he won't have to pay this back then as the three years will be up in six months?

Neither a fresh start nor a relief for me, I had minimal debt and am frugal yet could potentially lose everything. A strong life lesson for sure, I don't know how he sleeps at night if I am honest, thankfully the children are unaware of the situation I hope that I can keep it that way until the situation is sorted one way or the other.

silvercar

Think he is discharged, has never discussed it with me, didn't talk about any of it to me.

You can find that out here.

The OR did take him to court yes, and he has a payment plan in place. But will not cover the balance of his debts after the BI in our home is released - he will still owe in excess of £60k so from what people have said he won't have to pay this back then as the three years will be up in six months?

Three years of IPA payments and then it is all done usually.

Bankruptcy isn't intended to pay off all debts, but to give people the opportunity of a fresh start at the same time releasing all assets to repay creditors as far as the bankrupt is able.

Neither a fresh start nor a relief for me, I had minimal debt and am frugal yet could potentially lose everything.

Problem is that you had joint finances, so everything that was yours was potentially his too.
I appreciate how difficult this is for you, caught in the middle of a triangle between your OH, the OR and the creditors.

threeofus

his name isn't on the list so I assume he discharged? The equity will cover hardly any of his debt, a huge chunk - almost half will go to the OR.

TakeAwayKing_2

If the OR is still dealing with the bankruptcy then there is at least a small blessing there. The OR has a limit on the fees they can charge for dealing with the estate, before distributing funds.

If the OR had appointed a trustee it would have been a lot lot more expensive as fees are often on a time cost basis meaning the funds to be distributed would have been greatly reduced.

threeofus

Oops I meant the trustee and his solicitor, is that different to an OR then? it's a huge amount, doesn't make sense instead of repaying his debts they are making a huge profit. Surprised its legal as its almost doubled his bankruptcy debt. The people who petitioned his bankruptcy won't get hardly any money back and someone makes a profit at the cost of a home....sorry still angry :-)

silvercar

It doesn't matter, to you or your OH, how much the creditors get repaid. It makes no difference to the IPA or the equity in the home whether the creditors get none of the owed amounts or half of them.

Timing is everything and unfortunately, your situation leaves you facing the consequences of your OHs actions. Had you split before this all happened then this:

http://forums.moneysavingexpert.com/showpost.php?p=73184358&postcount=6

would have applied and you would be on stronger ground.

Being with your OH, even though you are clearly annoyed with his behaviour, means that the OR looks at joint assets.

threeofus

sadly we are now separated but too late for this, just seems to make a mockery of the whole process if the debts don't actually get paid and someone makes a small fortune for doing sod all...yet the debtor walks away debt free, surely the trustee should have a limit too.. the only joint asset we have is the house, never had a joint bank account or credit card - nothing.

Its a life lesson I've learnt never trust anyone ever again, be independent financially, what i have from now on will be for me and the children x

Steven_from_scotland

The debtor walking away debt free is what bankruptcy is all about being able to free yourself from burdon and start again, he hasn't walked away without losing anything as he's lost half a share in a house that was in huge equity.

TakeAwayKing_2

The trustee and the solicitors are just doing their jobs by dealing with the bankruptcy. What would the alternative be?

silvercar

brightonbelle wrote: »

sadly we are now separated but too late for this, just seems to make a mockery of the whole process if the debts don't actually get paid and someone makes a small fortune for doing sod all...yet the debtor walks away debt free, surely the trustee should have a limit too.. the only joint asset we have is the house, never had a joint bank account or credit card - nothing.

Its a life lesson I've learnt never trust anyone ever again, be independent financially, what i have from now on will be for me and the children x

If the trustee had a limit, more of your OH's money share of the equity would go to his creditors. It wouldn't make any difference to your situation.

You really should be focusing on whether you can raise a mortgage big enough to buy your OH's share of the equity off the OR and save your home.