Advice please

STW1966

My partner has apparently been made bankrupt by HRMC. He refuses to talk to me about this and have only found out about it when he started receiving private and confidential post from debt recovery agencies. I have since checked the individual insolvency register and his name is listed. We have two teenager children and equity of £150,000, so am worried about losing our home. I am aware that no one will speak to me regarding his specific bankruptcy, but can anyone advice the best place that I can contact that will inform me of my options.

Thanks

Craig1981

The only information you will get is from your Husband. Doubt anybody else will give you anything unless you are also named on any debt .
have you checked your name on the register?

as far as i am aware, yes, if his name is on the mortgage, then bankruptcy may force the sale of the house to release equity to payback money that is owed.

my strongest advice, as not much more information is given, is to speak to your Husband. you can speak to someone from CAB, Stepchange etc who may be able to give more advice on the situation in general as well

TheGardener

A horrible situation to be in.
OK - questions:
1. Are you both on the mortgage?
2. Do you work / have your own income.

The key thing is not to panic and to get professional, free BR advice from StepChange, NAtional Debtline etc. They can't talk about your OHs case without his consent but they can give you clear, generic advice about the processes.
Also - this is not going to happen overnight - the OR has upto 3 years to 'realise' the equity asset.

Even if you are both on the mortgage, then the OR is entitled to sell the property to cover your OH's debts. However, You are entitled to keep your 'share' of the equity. How much your 'share' is judged to be depends on your income/contribution to mortgage payments, where the initial deposit came from/tenants in common or not etc. You really need professional advice.

One of the options is that you (with a loan or help from a relative maybe?) can offer to buy your OHs share back off the OR. Now as the OR has to factor in their time, solicitors/agents fees and all other associated sale costs - you may be able to buy back your OH's share from the OR at less than the face value.

I hope you and your OH can find a way to talk about all this, perhaps if you are calm and well informed, he will feel more able to talk to you.