Husband bankrupt and Trustee wants to sell our house??!!!??
Comments
-
I am going to call the Or and Trustee first thing this morning to offer the payment plan as I!!!8217;d rather not sell my husbands half of the house.
We didn!!!8217;t take advice, my husband was made bankrupt by the liquidator of his company for money he admitted he owed to the company but we could not pay.0 -
TBH I think this is a windup, sorry I cannot believe the OP can be so naïve.0
-
The trustee won!!!8217;t deal with you. They will only deal with your husband.
I find it hard to believe that after three years you did not realise that this could happen.0 -
I have a feeling that your husband has not been entirely truthful with you on what this meant for your home. If that is the case then I am very sorry for you.0
-
TBH I think this is a windup, sorry I cannot believe the OP can be so naïve.
I did wonder but now the OP has said her husband didn't voluntary go bankrupt he was made bankrupt, I can see how this has come about.
OP probably didn't know what was happening at the time and then for everything to stay the same for three years must have assumed it was over, this must have come as a shock now, if this happened two or three months after the bankruptcy it might have been easier to take.0 -
Where is your husband in all this?
How much does he owe in total.?
Your husband and you need to get proper advise over this, but I think you have left it too late.
I suggest you start looking at rental property in your area, and get your CV up to date as you may / will need to get a job full or part time to help out.
Is your husband working now?Breast Cancer Now 2022 100 miles October 100 / 100milesSun, Sea
2024 7/28 lbs to go.0 -
Afraid there's some hard truths you need to realise
The OR is obligated to attempt to claim ANY assets to clear your husbands debts.
He's allowed 3 years to see if your husbands finances improved and looked like he could repay the debt , but it's obvious from your post that this is not the case.
You coming into £100,000 equity will bar you from council housing so you will need to rent privately.Ex forum ambassador
Long term forum member0 -
I am going to call the Or and Trustee first thing this morning to offer the payment plan as I!!!8217;d rather not sell my husbands half of the house.
We didn!!!8217;t take advice, my husband was made bankrupt by the liquidator of his company for money he admitted he owed to the company but we could not pay.
The above should make the process easier to understand.
Your husband owed money he could not pay - for him to be forcibly made bankrupt the liquidator would not have been happy with his repayment proposals (or lack of) and could still see assets in the background. The bankruptcy is a way to get to those assets. Your husband would probably have had the chance to voluntarily sell your home to realize his assets and make a payment at the time but didn't for whatever reason.
The amount sounds quite large and if he has taken or borrowed significant sums from his company which ultimately played a major part in the company's failure, such behavior is frowned upon.
It sounds increasingly as if you have been kept in the dark about things to be so shocked (and unrealistic) about the situation now. As others have said, what is your husband saying? I doubt you will progress very far on your own with the Trustee.0 -
Hi BeccaGee
I am sorry that you appear to have been left in the dark over the process but the facts are that, as others have stated, the Trustee will now be looking to cash in your husband's share of the equity through a sale.
I am sure the Trustee's office will be very happy to explain the process to you and what will happen and why, but negotiation is not going to be on their menu, alas.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
You might talk to the trustees about how long they might give you to sell the house so that you can get the best possible price. If you market it immediately, you will get the best price as property prices seem to be falling in some areas.
You may well need to consider moving to the north of the UK where £100,000 will buy a small house (or a large flat). Three bedroom flats in Sheffield sell from £70,000 to upwards of £100,000. This £100K flat looks superb - I was surprised how good it was and am not surprised it has sold: https://www.rightmove.co.uk/property-for-sale/property-54980644.html
The North had a lot going for it, and once your husbands bankrupcy is discharged you could look to move back down South if that it what you want to do.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards