Bankruptcy and our house

Jam_on_toast

I had a business that went into administration in August 2021. I have quite a lot of debt through personal guarantees, signed solely by myself.
My wife and myself recently sold our house and split the equity. She then brough a 1/3 share in a part buy part rent property. My name isn't on anything.
Most of my equity went to pay some of the debt. I am still being chased for the rest by the bank and Funding Circle.
My question is - although I do not own any part of the house and my name isn't on the deeds or rent book, there is no mortgage.
If I go bankrupt, can they take equity out of the property as I may have a beneficial interest in it ?
Thanks in advance.

fatbelly

The devil's in the detail here. You would have to show that the new house was bought solely using her share of the equity of the previous one.

Also you will need to show where your share of the equity went, and that you treated all creditors equally

elsien

What makes you think you may have a beneficial interest in the property?
it would be a marital asset if you divorced, but I’m not sure that  you would acquire  a beneficial interest otherwise if none of your money has gone into it.

Jam_on_toast

elsien said:

What makes you think you may have a beneficial interest in the property?
it would be a marital asset if you divorced, but I’m not sure that  you would acquire  a beneficial interest otherwise if none of your money has gone into it.

Hi, none of my money went into the property, and we can prove it.

Jam_on_toast

fatbelly said:

The devil's in the detail here. You would have to show that the new house was bought solely using her share of the equity of the previous one.

Also you will need to show where your share of the equity went, and that you treated all creditors equally

We can prove the house was solely brought by her.
And can prove where my equity went.

ManyWays

How large are your remaining debts and have you taken debt advice on your debt options? 

Jam_on_toast

ManyWays said:

How large are your remaining debts and have you taken debt advice on your debt options? 

I owe £500k.
I've taken advice but know one seems to know for definite what the outcome would be. The consensus seems to be bankruptcy as what I can currently afford to pay each month wouldn't even scratch the surface of the debts in the long run.

ManyWays

That does sound like you need a clean start with bankruptcy. 
Business Debtline is good for advice on this. 

Jam_on_toast

ManyWays said:

That does sound like you need a clean start with bankruptcy. 
Business Debtline is good for advice on this. 

I've spoken to them. They couldn't tell me any more than everyone else to be honest.
My debt has now been sold to Azzurro who are threatening Bailiff action if not paid by 22nd April.

ManyWays

Well, you dont have the money to pay it, do you?
Did Business Debtline suggest any alternatives? 

Jam_on_toast

ManyWays said:

Well, you dont have the money to pay it, do you?
Did Business Debtline suggest any alternatives? 

No, I don't have the money to pay. I keep buying lottery tickets though 🙂
They did suggest options but nothing viable.
An IVA would be nearly £2k per month for 5 years which I cannot afford.
Is there a generic letter I can send to the Bailiffs company to stop them knocking on my door ?
Gives me a bit of breathing space then.