Possible bankruptcy?

anyonehelp

My partner has got into a sticky ongoing situation with running events at a loss resulting in a couple of small claims money ccjs. He has no way of paying these and the future events are an ongoing matter due to not being able to refund tickets if cancelled at the moment.
We are going to go to our local cab to work out how to appeal the ccjs but I was wondering about the optins pf bankruptcy.
We are both on the deeds of our house which has no mortgage. If I was to take him off of the deeds would this lessen the risk of them using the house?
The debts aren't big enough or with companies as are all through individuals but I can't see many options but clearly I don't want to risk our house. Would they not use the house as the debts aren't very large?

Mnd

What plans does he have to reimburse the individuals who are out of pocket

Minkym00

Can you not remortgage to pay it off?

What is the value of his debt? Have you considered other debt relief options already? IVA??

Do not take him off the deeds. It’s a misconduct called Transactions at Under Value as he would be giving away his beneficial interest. He could end up with a BRO, and IP could sell the house anyway and you could end up WAY worse off.

You need to seek proper advice before you do anything. Obviously you are asking on here but please contact CAB or one of the debt charities.

GDB2222

You can't just take him off the house deeds. He owns half the house**. That's his asset, and it will be seized by the trustee in bankruptcy to pay his debts. If he gives his half to you, as you suggest, the trustee will get that gift undone by the courts.

If your husband is solvent taking his half of the house into account, then it is unhelpful to go bankrupt. All that does is add the costs of the bankruptcy on to the other debts. If you do something like transfer away his half of the house, that will add yet more legal costs as the trustee will have to spend quite a lot on legal costs getting that undone.




**I assume. You didn't say that explicitly.

anyonehelp

The is one of the things to get advice on as if he does cancel I don't have any savings to reimburse so the hope is that events until the last dates do make enough money and are successful.

anyonehelp

Technically it was my money used to buy the house outright but when paid out of a joint account I guess it isn't just mine. He dealt with the purchase etc hence both names on the deeds.
Fully understand now that it would be deceitful to just take his name off and yes we are going for advice but just trying to work put what can be done with the current ccjs too. He is in theory unemployed but not entitled to money support from dwp but to not tell the court about these events which will be seen as an income would be wrong even though he is not making a penny from it.

TheGardener

Talk to business debt line rather than CAB unless your local CAB has an experienced Business Debt advisor.

GDB2222

anyonehelp wrote: »

Technically it was my money used to buy the house outright but when paid out of a joint account I guess it isn't just mine. He dealt with the purchase etc hence both names on the deeds.
Fully understand now that it would be deceitful to just take his name off and yes we are going for advice but just trying to work put what can be done with the current ccjs too. He is in theory unemployed but not entitled to money support from dwp but to not tell the court about these events which will be seen as an income would be wrong even though he is not making a penny from it.

You definitely need legal advice. Your argument is that the house is yours even though held in joint names, and you need proper advice about this, taking into account all the evidence, such as how long ago the house was bought and the full facts about why it was put in joint names. Do this ASAP.

I'm sorry that your partner is in financial trouble, but you need to try to make sure that you don't get dragged down, too.

maxmycardagain

remortgage or get a secured loan against the house, speaking as someone who got shat on 10 years ago but paid his suppliers i wished no-one suffered because of my mistakes....

anyonehelp

On paper remortgage is an option but we are struggling as it os so I couldn't pay that back every month

Clouds88

What have the court enforced re the CCJ’s? If he has no employment and no money in the bank he can only pay say £1-£5 a month- could you do this? Any estimate of how much the total debt is?