Husband bankrupt and Trustee wants to sell our house??!!!??

threeofus

My ex-husband did that to me, didn't tell me he had chosen to go bankrupt, made false promises that he could save the house, lie upon lie. the sad truth s I am in the same position as you in that myself and my children could be homeless, insolvency law supersedes family law so there isn't anything you can do - like me. I too can't buy anywhere else and will likely loose everything because of what my ex decided to do - whilst he walks off debt free leaving his children destitute - it's disgraceful. I'm trying to raise the beneficial interest to enable us t stay in our home, and I too live in the SE so will struggle to buy anywhere big enough to house my children.....don't know why he isn't liable for the debt!

BeccaGee

My husband is going to call the Or and Trustee at lunch as he spoke to them originally and knows the situation better than I do. I will keep my fingers crossed !

He was made bankrupt for a business debt and so I don’t understand how a personally owned house is now involved (the house is nothing to do with his former business?) although when made bankrupt we did include our personal debts too so that was all wiped clear.

soolin

BeccaGee wrote: »

My husband is going to call the Or and Trustee at lunch as he spoke to them originally and knows the situation better than I do. I will keep my fingers crossed !

He was made bankrupt for a business debt and so I don!!!8217;t understand how a personally owned house is now involved (the house is nothing to do with his former business?) although when made bankrupt we did include our personal debts too so that was all wiped clear.

Surely you have answered your own question here?

Whilst the OR and Trustee won't talk to you, is there anyway you can be there for that call so you can listen in (obviously with permission from your husband) ? If there is any possibility that your husband either doesn't fully understand when he is told things, or is choosing not to tell you the whole truth - then hearing the discussion for yourself may be useful. Once you hear the situation first hand you can start to make plans, you might also remind your husband to ask how long you can reasonably have to try and sell the house yourself to maximise any proceeds.

EDIT- in the highlighted bit above you used the word 'we' about the bankruptcy. You may need to clarify for the purposes of the regulars on here (not me!) that only your husband was bankrupt and that none of your debts were included.

haras_nosirrah

Is it possible that your husband took a directors loan from the business if he was a limited company and failed to pay the company back and went bankrupt. This would then mean the amount he took out the business is his debt not the company debt and he is therefore personally liable. How much was the bankruptcy for - is the 100k enough to clear it (including or fees)

warby68

BeccaGee wrote: »

My husband is going to call the Or and Trustee at lunch as he spoke to them originally and knows the situation better than I do. I will keep my fingers crossed !

He was made bankrupt for a business debt and so I don’t understand how a personally owned house is now involved (the house is nothing to do with his former business?) although when made bankrupt we did include our personal debts too so that was all wiped clear.

From what you said he was made bankrupt for a PERSONAL debt he owed TO his business. The bankruptcy relates to his personal obligations as distinct from those of the business which would be subject to its own insolvency proceedings. As part of the company's insolvency, the liquidator was obliged to try and collect debts owed to the company and this is where your husband comes in personally. He owed his own company money. If you really do not know much, its possible he gave personal guarantees for his company's debts as well and owes money indirectly in this way. These are the ways business and personal situations start to overlap when it is a limited company.

You keep saying 'we' and 'our' debts - are you 100% sure there are no proceedings involving you?

BeccaGee

Ah I see I will check with him.

No it is just bin that was made bankrupt - I don’t have any credit cards or loans or anything in my name. I don’t work so I wouldn’t get anything like that if I wanted to! Thank goodness

Edi81

Is the mortgage joint?
Are you definitely named on the deeds of the property?

Without wanting to pry what was the money spent on? It sounds as though your husband borrowed from a company and couldn!!!8217;t repay so where did the money go?

Brock_and_Roll

OP, you really do need to have it out with your husband.

He will know darn well whether he has given personal guarantee for loans to a limited company or whether he has directors loans. He will also know darn well what the implications of bankruptcy are in that the OR will (quite rightly) come after his assets to pay the people who have lost money.

Obviously the bankruptcy was 3 years ago but the move to the sell the house is 3 years down the line.......do/did you have children under the age of 18 in the house?

MEM62

BeccaGee wrote: »

I don't work

Your situation may look different if you did. Is that possible?

pjcox2005

Sorry, not overly helpful but it's just worth reiterating for other posters that marriage is a team game as a lot seems to be directed at the Husband.


If my wife's business causes her to go bankrupt, then I'd be involved in the process to understand impact to us rather than dissolving myself of responsibility, and accepting that it was a risk we chose to undertake together when she set up with any benefits from that risk also being received by the family.


As mentioned, this is not directed at you OP, but it does highlight that communication between the two of you is key and then having potential joint conversations with advisors/liquidators etc