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

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  • BeccaGee
    BeccaGee Posts: 27 Forumite
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    We had a meeting with the trustee’s staff this morning and they have said they need to realise the equity in the property. I don’t know where we go from here.
  • lisyloo
    lisyloo Posts: 29,615 Forumite
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    I don!!!8217;t know where we go from here.
    As your husband is bankrupt have you reconsidered your strategy of him paying all the bills and you not working?


    If you had an income on top of your quite sizeable deposit then you should be able to get a mortgage (in time).


    I don't know if it has been suggetsed but could you consider moving to a part of the country where you could buy a house?
  • Brock_and_Roll
    Brock_and_Roll Posts: 1,207 Forumite
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    This thread is back to where is was 16 days ago......


    Husband is bankrupt and the OR is (quite rightly) looking to realise assets i.e. the house so that the creditors get some of their money back.


    I don’t know where we go from here.


    The answers are the same as originally advised....


    1) Start making plans to move
    2) Save up some cash for rent deposit etc
    3) Look at getting a job
    4) Consider moving to a cheaper part of the country
    5) Explore what benefits might be available




    However THE HOUSE WILL GO and the OP will need to move - better to be in control and ahead of the game.
  • soolin
    soolin Posts: 72,203 Ambassador
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    BeccaGee wrote: »
    We had a meeting with the trustee’s staff this morning and they have said they need to realise the equity in the property. I don’t know where we go from here.

    Yes you do, the thread has explained what options are available to you. Yes this is a terrible situation and no doubt you have had a difficult time with your husband trying to get an explanation as to why he kept this all from you but you need now to have a plan to go forward.

    You have already wasted a week or so and time is running out for you to try and retrieve what you can by selling the house privately before it is done for you.

    Please take the advice given here and do something otherwise you will end up having decisions forced on you.
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  • System
    System Posts: 178,094 Community Admin
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    As above. YOU ARE NOT KEEPING THE HOUSE. There is no way to keep the house unless you can magic up all the money your husband owes or you can magic up £100,000 to buy his half of the house from the official receiver.
  • normanna
    normanna Posts: 172 Forumite
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    TheGardener wrote: »
    The board is for support and help for those going BR. No - not everyone seems to be as straight up as most, but that is no reason to post comments that don't meet this boards aims. Posts like this don't help and to be honest, don't make any difference to those who use BR as a convenient escape route. But those people are the exception on this board rather than the rule so I respectfully request that personal views about what is perceived as inappropriate behaviour are refrained from.
    Board helpers on this particular board will continue to be non-judgemental and try and help everyone. :)

    Liam has the right to his views. So you feel its ok then for the OP and some others to talk about ways to get out of paying what they owe while asking Liam not to make his comments as you haven't commented on those. The OP has been advised several times what is going to happen and what she needs to do but still seems to be looking for ways not to hand over what is due to the creditors.
    I have some sympathy for the OP if her husband kept her in the dark but equally have sympathy for the creditors.
  • silvercar
    silvercar Posts: 46,960 Ambassador
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    normanna wrote: »
    Liam has the right to his views. So you feel its ok then for the OP and some others to talk about ways to get out of paying what they owe while asking Liam not to make his comments as you haven't commented on those. The OP has been advised several times what is going to happen and what she needs to do but still seems to be looking for ways not to hand over what is due to the creditors.
    I have some sympathy for the OP if her husband kept her in the dark but equally have sympathy for the creditors.

    A lot of the husband's share of the equity will end up with the OR rather than going to creditors.

    I have sympathy for creditors, but I also have sympathy for people who are trying to keep their home. In my mind it is not unreasonable to ask about options. You only have to look at another thread running on here, where someone has got saddled with a 3 year potential IPA - if they had taken advice on here they would have delayed bankruptcy for a few weeks and avoided that.

    Bankruptcy is about a fresh start, not a punishment.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • System
    System Posts: 178,094 Community Admin
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    silvercar wrote: »
    A lot of the husband's share of the equity will end up with the OR rather than going to creditors.
    Rubbish. The OR will distribute it amongst the creditors.
  • fatbelly
    fatbelly Posts: 20,492 Forumite
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    fatbelly wrote: »
    I'm sorry that I'm giving an even more negative answer to that question than the previous poster. It is the trustee's duty to find funds to cover the whole of the bankruptcy debt plus his own fees. Where a house sale is concerned these can be substantial - possibly £30k.

    Brock is right: This thread is back to where it was 16 days ago....

    I'm out.
  • luvchocolate
    luvchocolate Posts: 3,254 Forumite
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    Tarambor wrote: »
    Rubbish. The OR will distribute it amongst the creditors.

    This is wrong the O.Rs fees come out first and these can be substantial.
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