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  • FIRST POST
    • Rebecca01
    • By Rebecca01 8th Apr 18, 7:13 PM
    • 659Posts
    • 996Thanks
    Rebecca01
    Anyway around this situation? Debt and house
    • #1
    • 8th Apr 18, 7:13 PM
    Anyway around this situation? Debt and house 8th Apr 18 at 7:13 PM
    Due to a failed business with his parent oh has a court order to
    Pay back 60k which he is at 200 a month.
    Now there maybe more as his parent is not paying her share back. Joint debt.
    Anyway thats not what I am hoping for advice on.

    If I were to buy a home , all in my name as his credit is obviously bad. How can we both protect ourselves fairly if the company were to go for bankruptcy?

    If it was all in my name but he has contributed for 10 years but has no equity as it all in my name . How does he trust I just dont take it for myself if we split up?

    What is the best way to protect us both or is it all down to hope and trust?
Page 1
    • midnight express
    • By midnight express 8th Apr 18, 8:27 PM
    • 1,143 Posts
    • 3,248 Thanks
    midnight express
    • #2
    • 8th Apr 18, 8:27 PM
    • #2
    • 8th Apr 18, 8:27 PM
    You need to sign a declaration of trust.
    • Rebecca01
    • By Rebecca01 8th Apr 18, 8:47 PM
    • 659 Posts
    • 996 Thanks
    Rebecca01
    • #3
    • 8th Apr 18, 8:47 PM
    • #3
    • 8th Apr 18, 8:47 PM
    Thanks

    Would they take his share if made bankrupt?
    • sourcrates
    • By sourcrates 8th Apr 18, 8:48 PM
    • 13,748 Posts
    • 13,075 Thanks
    sourcrates
    • #4
    • 8th Apr 18, 8:48 PM
    • #4
    • 8th Apr 18, 8:48 PM
    You need sound legal advice as there may be a beneficial interest in the property for him, should the company go Bankrupt, try Legal beagles, Click on the link in my signature below.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
  • National Debtline
    • #5
    • 9th Apr 18, 10:44 AM
    • #5
    • 9th Apr 18, 10:44 AM
    Hi Rebecca,

    If this is a limited company debt, and the debt is solely in the companies name, with no personal guarantee, then personal assets should not normally be taken into consideration. However, as you already seem aware, this is a complicated situation and there are a lot of factors to consider. I would agree that you may need some legal advice about the property, and I would suggest speaking to Business Debtline for more advice about the company, liability, liquidation/ bankruptcy etc. They are available on 0800 197 6026.


    Laura
    @natdebtline
    We 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 Steps
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