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  • FIRST POST
    • BeccaGee
    • By BeccaGee 8th Jul 18, 8:33 PM
    • 17Posts
    • 2Thanks
    BeccaGee
    Husband bankrupt and Trustee wants to sell our house??!!!??
    • #1
    • 8th Jul 18, 8:33 PM
    Husband bankrupt and Trustee wants to sell our house??!!!?? 8th Jul 18 at 8:33 PM
    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?

    Canít I stay in it? He is bankrupt not me.
Page 3
    • Brock_and_Roll
    • By Brock_and_Roll 9th Jul 18, 1:00 PM
    • 842 Posts
    • 819 Thanks
    Brock_and_Roll
    OP, you really do need to have it out with your husband.

    He will know darn well whether he has given personal guarantee for loans to a limited company or whether he has directors loans. He will also know darn well what the implications of bankruptcy are in that the OR will (quite rightly) come after his assets to pay the people who have lost money.

    Obviously the bankruptcy was 3 years ago but the move to the sell the house is 3 years down the line.......do/did you have children under the age of 18 in the house?
    • MEM62
    • By MEM62 9th Jul 18, 1:25 PM
    • 1,634 Posts
    • 1,258 Thanks
    MEM62
    I don't work
    Originally posted by BeccaGee
    Your situation may look different if you did. Is that possible?
    Last edited by MEM62; 09-07-2018 at 1:43 PM.
    • pjcox2005
    • By pjcox2005 9th Jul 18, 1:49 PM
    • 540 Posts
    • 595 Thanks
    pjcox2005
    Sorry, not overly helpful but it's just worth reiterating for other posters that marriage is a team game as a lot seems to be directed at the Husband.


    If my wife's business causes her to go bankrupt, then I'd be involved in the process to understand impact to us rather than dissolving myself of responsibility, and accepting that it was a risk we chose to undertake together when she set up with any benefits from that risk also being received by the family.


    As mentioned, this is not directed at you OP, but it does highlight that communication between the two of you is key and then having potential joint conversations with advisors/liquidators etc
    • UKSBD
    • By UKSBD 9th Jul 18, 2:08 PM
    • 578 Posts
    • 184 Thanks
    UKSBD
    slightly OT but you say there is a £200,000 mortgage.

    Your husband is bankrupt and you do not work, do you have an income?

    Has any of the mortgage actually being paid in the last 3 years?

    If not, it is in your interest to sell as soon as possible or your pot may be getting smaller on a daily basis.
    • Clouds88
    • By Clouds88 9th Jul 18, 3:53 PM
    • 40 Posts
    • 16 Thanks
    Clouds88
    I!!!8217;m really sorry to hear about the situation. My dad went bankrupt years ago to force my mum to sell the house. I thought everyone knew they would lose their assets when bankrupt? I!!!8217;m bankrupt myself and rent. No one will ever buy me a house I have to work and afford one once I!!!8217;m out of this mess.

    Sorry about your house, why not look at ideas now, can you buy a smaller place with the 100,000? Can you rent for now and keep that money in the bank, get a job and then afford a mortgage. Life is very hard I know but if it!!!8217;s something you really want you can make it work. Goodluck.
    • photome
    • By photome 9th Jul 18, 4:40 PM
    • 13,264 Posts
    • 8,793 Thanks
    photome
    Is this def not a wind up
    • BeccaGee
    • By BeccaGee 9th Jul 18, 9:26 PM
    • 17 Posts
    • 2 Thanks
    BeccaGee
    I wish I could say it was a wind up. Husband spoke to the trustee today and we have some talking to do now
    • Silvertabby
    • By Silvertabby 9th Jul 18, 9:51 PM
    • 2,996 Posts
    • 4,280 Thanks
    Silvertabby
    !!!8220; But I can explain that I do not work and so I cannot get a mortgage on my own and my husband probably couldn't now he is bankrupt!
    Originally posted by BeccaGee

    Why don't you work?
    • BeccaGee
    • By BeccaGee 9th Jul 18, 10:08 PM
    • 17 Posts
    • 2 Thanks
    BeccaGee
    It!!!8217;s just the way we have always done it, quite old-fashioned. He has always worked and paid the bills and I look after things at home
    • elsien
    • By elsien 9th Jul 18, 10:19 PM
    • 16,736 Posts
    • 42,224 Thanks
    elsien
    It!!!8217;s just the way we have always done it, quite old-fashioned. He has always worked and paid the bills and I look after things at home
    Originally posted by BeccaGee
    Given how things have turned out that's something you might want to reconsider moving forwards.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
    • BeccaGee
    • By BeccaGee 9th Jul 18, 10:22 PM
    • 17 Posts
    • 2 Thanks
    BeccaGee
    I wouldn!!!8217;t even know where to start. I am very much in love with my husband,
    We are great and happy together. We just need to find a way around this.
    • AnotherJoe
    • By AnotherJoe 9th Jul 18, 10:46 PM
    • 9,826 Posts
    • 10,972 Thanks
    AnotherJoe
    It!!!8217;s just the way we have always done it, quite old-fashioned. He has always worked and paid the bills and I look after things at home
    Originally posted by BeccaGee

    Wow. Well, the next step is somewhat obvious then.
    • warby68
    • By warby68 9th Jul 18, 10:55 PM
    • 975 Posts
    • 9,768 Thanks
    warby68
    It!!!8217;s just the way we have always done it, quite old-fashioned. He has always worked and paid the bills and I look after things at home
    Originally posted by BeccaGee
    Except he hasn't paid the bills, well at least £100k of them.

    If this isn't a wind up, its probably more than time for a rethink and make sure you know what you need to know to secure your future. Your 100% reliance on him is looking shaky at the moment.

    Presumably his discussions with the OR today confirmed the position is as expected.
    • BeccaGee
    • By BeccaGee 9th Jul 18, 11:22 PM
    • 17 Posts
    • 2 Thanks
    BeccaGee
    I know what you are saying but we will have to discuss it tomorrow. We are both too upset today it has been a long day.

    I need to try to get some sleep. Thank you all for trying to help me and wish me luck still.
    • mummyofboys1985
    • By mummyofboys1985 11th Jul 18, 8:57 AM
    • 76 Posts
    • 3 Thanks
    mummyofboys1985
    The house will be sold. Nothing you say or do will stop it. Your share would be returned, husbands belongs to the OR to use towards his debts.

    I'm sure this woul have been fully explained to your husband when he was made bankrupt?
    • threeofus
    • By threeofus 11th Jul 18, 11:39 AM
    • 102 Posts
    • 22 Thanks
    threeofus
    It wasn't explained to mine, or unless he chose to ignore it, two years 3 months is when they first start the process - the only options are to buy the beneficial interest, sell it yourself, or get evicted the let the trustee sell it, mostly likely by auction for a quick sale. The debt has to be paid, my ex abused me, coercive control, verbally and emotionally, also financially as it now transpires keeping me in the dark about his appalling debt. he walks away debt free and has shut the door of his home, leaving this mess. Bankruptcy is a nightmare
    • Breamfod
    • By Breamfod 14th Jul 18, 1:15 PM
    • 20 Posts
    • 1 Thanks
    Breamfod
    I am sorry yu are having this shock. It was inevitable with the rules and all the advice on implications are given to the bankrupt. I presume the or trustee canít discuss this with yu anyway as itís the bankrupt husband who is the person they legally correspond with unless yu have power of attorney. Sorry yu have this worry but although itís catastrophic for how yu used to living if yu take a step back - yu actually will be lucky enough to come out with a large cash lump sum after sale of your home. Thatís a positive. And yu can buy a shared ownership if yu canít do full purchase. I appreciate it does not seem fair to yu but yu must adjust to reality if your situation. Many are at food banks or facing homelessness if no equity.
    I suggest yu go to see citizens advice a specialist debt advisor have s face to face chat so they can reassure yu of what yu need to do to safeguard your own position. No ones judging yu take care sorry if I sound patronising x
    • renegadefm
    • By renegadefm 16th Jul 18, 10:50 AM
    • 105 Posts
    • 33 Thanks
    renegadefm
    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?

    Canít I stay in it? He is bankrupt not me.
    Originally posted by BeccaGee


    I think I see what Becca means. If a marriage breaks down, the husband has to give her half of the house or buy her half out so she can find a new home with it.


    Why is this not the case now?
    • comeandgo
    • By comeandgo 16th Jul 18, 10:56 AM
    • 2,103 Posts
    • 2,861 Thanks
    comeandgo
    I think I see what Becca means. If a marriage breaks down, the husband has to give her half of the house or buy her half out so she can find a new home with it.


    Why is this not the case now?
    Originally posted by renegadefm
    It is the case, the trustee is only after half the equity, the husbands half.
    • renegadefm
    • By renegadefm 16th Jul 18, 11:14 AM
    • 105 Posts
    • 33 Thanks
    renegadefm
    It is the case, the trustee is only after half the equity, the husbands half.
    Originally posted by comeandgo


    Yes but my point is compared to a marriage break up, the husband would have had to make sure he provided half the house so she can not be homeless, but if the trustee takes half the house, that leaves the other half of the house's money for them both to find a property suitable for both of them to live in, compared to just one person, i.e. a flat, compared to a two bed house or something.


    I think what I mean is this could leave them both out on their ear. There must be something to prevent this happening.
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