Bankruptcy query

melissapink2013

I am currently in an Iva but I just wanted to ask the question about bankruptcy as I am afraid that the company may fail my Iva.  The problem with bankruptcy is that I have around 5,000 of equity interest in my husbands property. My husband brought the property before we got married, every piece of document is in his name  (the Iva is in my name) I have cried non stop and broke myself with worry. We have two children. I am afraid if I end up going bankrupt that they would make him sell the house, can anyone help me?

please be kind in the comments. Unfortunately I am worth more dead than alive with life insurance atm.

Minkym00

The most important thing is that you say it’s your husband’s property and everything is in his name - so is he the sole proprietor on the deeds?

If so, why do you think you earned a £5k beneficial interest? If it is because that’s how much 50% of the equity has increased by since you got married, then you don’t have to worry. The Official Receiver would have to prove a beneficial interest as property ownership always follows title (i.e. who owns it at Land Registry) unless there is a court order stating otherwise (such as a financial settlement in divorce proceedings). Even if the OR could prove a beneficial interest, and this would have to be done through litigation, £5k would not be enough to force a sale (or bother litigating for that matter).

`On the face of what you have said you are worrying unnecessarily, but come back if my assumptions on what you have written are incorrect.

melissapink2013

Minkym00 said:

The most important thing is that you say it’s your husband’s property and everything is in his name - so is he the sole proprietor on the deeds?

If so, why do you think you earned a £5k beneficial interest? If it is because that’s how much 50% of the equity has increased by since you got married, then you don’t have to worry. The Official Receiver would have to prove a beneficial interest as property ownership always follows title (i.e. who owns it at Land Registry) unless there is a court order stating otherwise (such as a financial settlement in divorce proceedings). Even if the OR could prove a beneficial interest, and this would have to be done through litigation, £5k would not be enough to force a sale (or bother litigating for that matter).

`On the face of what you have said you are worrying unnecessarily, but come back if my assumptions on what you have written are incorrect.

Thank you so much, I hope what you say is true. I was told that I have beneficial interest in the property since we are married and have had two children together.  But yes all paperwork is in his name, I have never contributed to any of the mortgage payments or have any utility bills.   I am just so afraid, it’s hard not to worry when it could impact my children living in their home, I have been distraught and mentally struggling, working 4th care assistant night in a row, had 3 hours sleeps, 2 kids in between all that and that call of semi interrogation. For someone like me, today has been my darkest day alive.   Thank you for taking the time to read and chat 

sourcrates

Let’s not jump the gun here, how much do you owe your creditors ?

Should the IVA fail, you don’t have to rush into bankruptcy, these things take time to unwind.

Did you ever check if all your accounts are enforceable ?

melissapink2013

sourcrates said:

Let’s not jump the gun here, how much do you owe your creditors ?

Should the IVA fail, you don’t have to rush into bankruptcy, these things take time to unwind.

Did you ever check if all your accounts are enforceable ?

Thank you for ur comment! I owed around 25 grand, my Iva is now in its third year, I’m not sure of wether the accounts are enforceable? 

Thank you.