Ex wife goes bankrupt!! Joint mortgage, please help

fiveyearplan

Zofo how old are your children? Also if you just agreed to a settlement and she went BR, I think the OR would receive all the money.

fiveyearplan

Charmed - a bankrupt can still be a sole trader.

Zofo1000

fiveyearplan wrote: »

Zofo how old are your children? Also if you just agreed to a settlement and she went BR, I think the OR would receive all the money.

The children are both at school and teenagers.

The agreement was in June but it never went through before she went bankrupt.

Zofo

fiveyearplan

Would you/could you have the children with you?

Zofo1000

fiveyearplan wrote: »

Would you/could you have the children with you?

I would love to have the children with me but i live in a 1 bedroom cottage (its very cheap) and they would never dare leave their mother.

RAS

If you still have half the house and her equity is going to be taken to pay for her BK, could you buy her BI from the OR, move in and have the kids?

Can you afford the mortgage in this situation?

Zofo1000

RAS wrote: »

If you still have half the house and her equity is going to be taken to pay for her BK, could you buy her BI from the OR, move in and have the kids?

Can you afford the mortgage in this situation?

I cannot afford to take on the mortgage as the collapse of my business left me with 40,000 GBPs worth of debts that i am repaying.

Like i said before, the children would never leave their mum.

silvercar

Something smells on this one.

Your ex agrees a divorce settlement on friday and she goes bankrupt on the monday?

Just before she was due to pay you a settlement?!?!

She now needs someone to buy the BI in the house so that she can stay in the house with your children!

She has previously denied you access to the children. Her income could now be limited by the OR.

I hope she is not taking you for a ride. If her business now has difficulties and she can see you trying to sort your life out, I hope she has not engineered the whole situation so that you end up supporting her while she drives around in her flash car, not working too hard because the OR will take any excess money off her, but she can manipulate you to pay her.

Her OR office may be the best people to advise you on the way forward.

silvercar

More thoughts,

Your ex-wife owes you money, so does that make you a creditor? In which case you register that interest with the OR and wait to see what payout you get?

Or does the OR, or the divorce judge, winds back one step and see that she entered into an agreement (the settlement) fully in the knowledge that she was going bankrupt the next working day and therefore in no position to offer financial settlements.

Zofo1000

silvercar wrote: »

More thoughts,

Your ex-wife owes you money, so does that make you a creditor? In which case you register that interest with the OR and wait to see what payout you get?

Or does the OR, or the divorce judge, winds back one step and see that she entered into an agreement (the settlement) fully in the knowledge that she was going bankrupt the next working day and therefore in no position to offer financial settlements.

Thank you silvercar,
I did say that it was a mess.
The agreement through the courts was that she could come up with ex amount to buy me out, she couldnt, all this would of given her the ability to remortgage and pay off the vat who was gonna make her bankrupt. She couldnt get the funds, even on the day of the bankruptcy she was waiting on a call from another lending. She was turned down so was made bankrupt.

The OR was informed of the court agreement wich now entitles me to half the property. Anything could happen, its just a waiting game now.
Zofo