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Husband bankrupt and Trustee wants to sell our house??!!!??
BeccaGee
Posts: 27 Forumite
My husband was made bankrupt in October 2015 and everything was absolutely fine since then for nearly three years all is well.
But now the trustee wants to sell our house?
Can’t I stay in it? He is bankrupt not me.
But now the trustee wants to sell our house?
Can’t I stay in it? He is bankrupt not me.
0
Comments
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Who owns the house ..Is there a mortgage on it ?0
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It is jointly own between us yes there is a mortgage0
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How much equity is there in the house ?0
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Hi,
The Trustee has up to 3 years to dispose of the family home, and can sell it to realise the bankrupts equity in the house. Your 50% share has to be returned to you.
How much is the bankrupts share of the equity?
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0 -
Our house is worth £420000
Our mortgage is about £200000
I cannot buy another house as I do not work though ?0 -
So you would get about £100,000 equity out of the sale.
The other option would be if you or another person could find £100,000 to buy the bankrupts share of the equity off the OR.
If that is not an option and you can't find a property you could buy for £100,000, you would need to consider renting.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
£100000 would not buy the same sort of house though. The OR will have to accept some sort of payment plan. We could probably afford £500 per month?0
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It would take you 17 years to pay back £100000, the or will not accept it.0
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Well then who will buy me a house?0
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No one. You will need to rent.Please do not quote spam as this enables it to 'live on' once the spam post is removed.
If you quote me, don't forget the capital 'M'
Declutterers of the world - unite! :rotfl::rotfl:0
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