Husband bankrupt and Trustee wants to sell our house??!!!??

BeccaGee
BeccaGee Posts: 27 Forumite
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in Bankruptcy & living with it
My husband was made bankrupt in October 2015 and everything was absolutely fine since then for nearly three years all is well.

But now the trustee wants to sell our house?

Can’t I stay in it? He is bankrupt not me.
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Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Who owns the house ..Is there a mortgage on it ?
  • BeccaGee
    BeccaGee Posts: 27 Forumite
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    It is jointly own between us yes there is a mortgage
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    How much equity is there in the house ?
  • debt_doctor
    debt_doctor Posts: 4,595 Forumite
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    Hi,

    The Trustee has up to 3 years to dispose of the family home, and can sell it to realise the bankrupts equity in the house. Your 50% share has to be returned to you.

    How much is the bankrupts share of the equity?

    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
  • BeccaGee
    BeccaGee Posts: 27 Forumite
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    Our house is worth £420000
    Our mortgage is about £200000
    I cannot buy another house as I do not work though ?
  • silvercar
    silvercar Posts: 46,945 Ambassador
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    So you would get about £100,000 equity out of the sale.

    The other option would be if you or another person could find £100,000 to buy the bankrupts share of the equity off the OR.

    If that is not an option and you can't find a property you could buy for £100,000, you would need to consider renting.
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  • BeccaGee
    BeccaGee Posts: 27 Forumite
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    £100000 would not buy the same sort of house though. The OR will have to accept some sort of payment plan. We could probably afford £500 per month?
  • mitch2509
    mitch2509 Posts: 50 Forumite
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    It would take you 17 years to pay back £100000, the or will not accept it.
  • BeccaGee
    BeccaGee Posts: 27 Forumite
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    Well then who will buy me a house?
  • Money_maker
    Money_maker Posts: 5,471 Forumite
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    No one. You will need to rent.
    Please do not quote spam as this enables it to 'live on' once the spam post is removed. ;)

    If you quote me, don't forget the capital 'M'

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