Equity in old house / Car on HP / Timescales

tobylon1

I have recently been divorced and have been left with large un-servicable debts amounting to around £100K. I have been advised that bankrupcy is right, but have some questions:

1. When I divorced my ex-wife got to keep the house. She is currently trying to sell it. It has around £250K equity in it. I believe that I would still be seen as having a Beneficial Interest in this property and she could lose out. Is this correct??? and would it still be correct if she had sold it and bought another house??

2. I am due to start work as a minicab driver. Not a great job, but fits around the hours when I have my children. The car I have is on HP. Will the OR take this???? The amount owing is greater than the value.

3. How long will it take before anything gets actioned???? I have received Stat Demands from 2 creditors. When will things take affect from????

Apologies for the length of post.

Tobylon1.

Conor_3

1) Unless the transfer of your part ownership was transferred with legal and not just word of mouth per se, yes the OR would try to make a claim.
2) Cars are a grey area.
3) It could take an age for the creditors to do anything to declare you as they lose out completely.

Broken_hearted

Conor wrote: »

1) Unless the transfer of your part ownership was transferred with legal and not just word of mouth per se, yes the OR would try to make a claim.

No longer true they will still try and in a recent case suceed in clawing back assets after a divorce. If the ex partner was seen to get more than their fair share or the situation looks suspect. If they win the test case it will block the legal loophole of people divorcing to save assets. Mainly though it will just cause more suffering.

tobylon1

Looks like I will have to sit back and see what happens next!!

These forums have been a huge help to me. Reading the various posts has put my mind at rest in so many ways.

Tobylon1