Bankruptcy/Selling My House

[mumtobealloveragain]

I may well lose my court case trying to force the sale of the property that I jointly own with my ex- a property which he currently lives in.

If I do lose and don't get granted permission to sell what happens if I declare bankruptcy? Is the property then protected in some way or does it have to be sold?

Thanks!

Depends on how much equity there is in the house. It doesn't absolve you from your mortgage obligations and your ex has the chance to buy your beneficial interest.

Redhelen- Thanks. You gave me lots of advice on my previous thread. Im the one taking my ex to court to try and get an order of sale to sell the property, not sure if you remember. He moved back in there after refusing to communicate about it for over a year and has lived there a few months. He's a controlling twit who is using it to get to me and upset me

It's likely he will win and get to live there without me selling it until the kids are older. We have 50:50 shared residency.

I thought maybe if I declared bankruptcy (I have a lot of debt) I could get the house sold that way. I can't bare to be financially tired to him for that long. The uncertainty and stress would ruin me!

There's about 25 (maybe 30) k equity in the property.

As I recall I think there's only so long a Trustee in Bankruptcy will let someone stay in a house before they will force a sale. That is unless the resident party can "pay off" the Trustee by buying the share.

I hope this link works

You should seek advice from an insolvency specialist. Declaring yourself bankrupt can have a long term effect on your credit rating.

Nothing would happen for 3 years, then the equity would be assessed and the trustee would look for 50% or an offer near to it eg half equity minus selling fees)

If you have a lot of debt though you won't get a new mortgage and earlier you were stating that you wanted one with your new partner? Bankruptcy costs around £700 and your credit will be shot to pieces for 6 years plus you always need to say you've been bankrupt when applying for a new mortgage for example.

If you are prepared to go bankrupt and ruin your credit rating then if I were you I would sit it out, as you said your ex would probably stop paying the mortgage at some point, and let the house get repossessed.

The other thing is, things change. I would concentrate on you & your new partner and you new life- the financial tie is really not that great a deal unless you really need to keep your credit clean which by all accounts it isn't. Let your ex get on with it!