Bankruptcy...I don't know where to turn

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  • TheGardener
    TheGardener Posts: 3,303 Forumite
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    Sorry you are having such a tough time of it - your situation is very difficult. I would suggest if you haven't don't so already, speak to one of the debt charities about your situation.

    Is raising the money to buy your interest (equity) back from the OR completely impossible? The OR will be open to offers - your 25K would be reduced significantly by the costs of selling the house and the time and effort involved by the OR so your ex wouldn't need to find the whole 25K.

    If finding the money is a no-go then she needs to start looking now for suitable rented accommodation. As you say, she will at least have enough to pay her own debts and a deposit + some up front rent.
  • MEM62
    MEM62 Posts: 4,764 Forumite
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    Bendigo1865 wrote: »
    It's been valued already.

    You are not answering my question. Valued by who? You? the OR?
  • Bendigo1865
    Bendigo1865 Posts: 13 Forumite
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    The house was valued at £110k and there's £60k or so left on the mortgage.
  • TheGardener
    TheGardener Posts: 3,303 Forumite
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    edited 18 June 2019 at 12:07PM
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    If the inevitable is going to happen then moping about it won't help - be proactive and start talking to the OR and the Debt Charites. If your ex is in receipt of benefits 'her share' is going to have an impact on them so she also needs to start taking an active role in the situation.
    Your experience of not taking professional advice in the past should be the driver to make sure you take as much advice as possible now.
  • Bondi123
    Bondi123 Posts: 1 Newbie
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    It might be worth your wife speaking to CAB or a debt advice charity as well. Can she claim more then 50% of the house? Was there a deposit and if so who paid it? Has she paid more of the mortgage especially over the last 3 years? Has she paid for any works or improvements to the house?
  • Bendigo1865
    Bendigo1865 Posts: 13 Forumite
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    She's paid the mortgage for the last 5 years. I've asked if this can be deducted from the £25k but the OR mentioned a tenancy fee which would counter the deduction.
    I've messed up so badly.
  • terrence45
    terrence45 Posts: 132 Forumite
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    Valued by who?
  • Bendigo1865
    Bendigo1865 Posts: 13 Forumite
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    Estate Agents. The OR arranged for 3 valuations
  • silvercar
    silvercar Posts: 47,017 Ambassador
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    Divorce settlements usually weight the equity distribution towards the parent that stays in the home with the children or alternatively gives the parent with care the right to remain in the home until the youngest child finishes education.

    What happened here?
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  • KeepOnKnitting
    KeepOnKnitting Posts: 658 Forumite
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    If you went bankrupt over £8k, why do they want £25k from you?

    I had no assets when I went bankrupt, so I don't know how that works, but I am confused.
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