Ex husband bankrubt

Rae82

My (soon to be) ex husband is having to file for bankruptcy.  The only thing left in joint names is a small property that we let out that we cannot sell.  What can I do to protect myself from his insolvency going forward?   

DE_612183

You can be asked to buy out his share, or they can get a court order to sell - you'll get 50% of the sale value ( less selling and court costs ).

Why can't you sell?

Rae82

We bought it in 2007 literally the week before the market crashed.  I am unfortunately not in a position to do this financially.  It is rented out and we are trying to sell to get rid of it.  

Rae82

Sorry I should have said as we bought at that time we ended up paying more than we should have so we are in negative equity. 

RAS

In which case, in the short-term, the OR is not going to force a sale, as there is no equity. 

More information would be useful. Is it mortgaged? Who is paying the mortgage? Does the rent exceed the mortgage payments etc. 

Rae82

Yes it is mortgaged, the rent convers it with nothing to spare, anything else like the factors fee and boiler cover we split between us.

maxmycardagain

whilst you have a joint assett i think you are joined to his bankruptcy (others will correct me) if it was a normal debt the lender could come on you to pay it equally as much as your ex (not half each)

best speak to step change or the CAB