Bankruptcy Question

cogsy1976

Hi All

My now ex wife has gone bankrupt due to Gambling debts she racked up of £68k and stole another £48k from her employer, luckily no charges were pressed.

We have a property which is jointly owned and she lives in the property with my son who is 9. We currently have the house on the market and we received an email back from the insolvency examiner stating that HSBC and her ex boss 'are looking to appoint Mazars insolvency practioners as trustees in her bankruptcy, once appointed they will deal with the sale of any assets including the house to repay creditors' It also says she is ok to stay in the house until Mazars find a suitable buyer for the property and she will then be given notice to vacate'

Can we still sell the house off our own backs is my main question, does the fact that they are instructingh an IP mean extra charges and I get less from my share of the equity?

This has caused so much heartache I wish she hadnt gone down this route she has destroyed our relationship, and effectively has cost our son his home
Thanks in advance

debt_doctor

Hi,

Your share of the equity will be given to you once the sale has taken place - no fees can be deducted from your (assumed 50%) of the equity.

The beneficial interest (but not the legal title) has transferred to the OR and eventually to the IP. The argument to be had will be the selling price, which of course will have an effect on your interest.

You can't sell without the IP's permission.

DD

MovingForwards

https://forums.moneysavingexpert.com/discussion/6020546/bankruptcy-advice

Are we right to assume you are unable to raise the money to buy the OR out of his interest?