Anyway around this situation? Debt and house

Rebecca01

Due to a failed business with his parent oh has a court order to
Pay back £60k which he is at £200 a month.
Now there maybe more as his parent is not paying her share back. Joint debt.
Anyway thats not what I am hoping for advice on.

If I were to buy a home , all in my name as his credit is obviously bad. How can we both protect ourselves fairly if the company were to go for bankruptcy?

If it was all in my name but he has contributed for 10 years but has no equity as it all in my name . How does he trust I just don’t take it for myself if we split up?

What is the best way to protect us both or is it all down to hope and trust?

midnight_express

You need to sign a declaration of trust.

Rebecca01

Thanks

Would they take his share if made bankrupt?

sourcrates

You need sound legal advice as there may be a beneficial interest in the property for him, should the company go Bankrupt, try Legal beagles, Click on the link in my signature below.

National_Debtline

Hi Rebecca,

If this is a limited company debt, and the debt is solely in the companies name, with no personal guarantee, then personal assets should not normally be taken into consideration. However, as you already seem aware, this is a complicated situation and there are a lot of factors to consider. I would agree that you may need some legal advice about the property, and I would suggest speaking to Business Debtline for more advice about the company, liability, liquidation/ bankruptcy etc. They are available on 0800 197 6026.


Laura
@natdebtline