Potential housing issue

[Beaniebeemer]

My partner may be being made bankrupt. We own a property jointly.

How will I fair? We have two kids under 10. Where will I live I don’t earn that much but I would potentially have a bit of money if the house was sold

How much equity are you talking about? IE: if there is £20k equity then that means £10k is your DH beneficial interest and if you can’t buy the OR out then they will most likely put a charging order on the house which will then be paid out when you sell the house in the future, obviously plus any interest owed. You can pay this off before then at any point if you are able to.

The OR has three years to deal with a property and won’t do anything for the first year if there is children involved so you can get your ducks in a row and get anything sorted if you need to.

Is your DH making himself bankrupt or is someone doing it to him? Have you spoken to National Debtline

www.nationaldebtline.org/

Or StepChange

www.stepchange.org/?channel=ppc&gclid=EAIaIQobChMI57OZnPzZ7wIVZ4ODBx0shgZUEAAYAiAAEgJ_jfD_BwE&gclsrc=aw.ds

Both will offer free unbiased help.

Also post on Moneysavingexpert.com on the Bankruptcy and living with it board and can offer help and support.

forums.moneysavingexpert.com/categories/bankruptcy-living-with-it

Is the court forcing him to sell the house?

The court isn’t involved yet it’s just what foresee happening. It would be someone else making him bankrupt.....

[quote ElGuardiandenoche]How much equity are you talking about? IE: if there is £20k equity then that means £10k is your DH beneficial interest and if you can’t buy the OR out then they will most likely put a charging order on the house which will then be paid out when you sell the house in the future, obviously plus any interest owed. You can pay this off before then at any point if you are able to.

The OR has three years to deal with a property and won’t do anything for the first year if there is children involved so you can get your ducks in a row and get anything sorted if you need to.

Is your DH making himself bankrupt or is someone doing it to him? Have you spoken to National Debtline

www.nationaldebtline.org/

Or StepChange

www.stepchange.org/?channel=ppc&gclid=EAIaIQobChMI57OZnPzZ7wIVZ4ODBx0shgZUEAAYAiAAEgJ_jfD_BwE&gclsrc=aw.ds

Both will offer free unbiased help.

Also post on Moneysavingexpert.com on the Bankruptcy and living with it board and can offer help and support.

forums.moneysavingexpert.com/categories/bankruptcy-living-with-it[/quote]
This is not entirely correct.

They will not take a charging order. They will register the bankruptcy at HMLR and as such will then become half owner. No interest runs as the trustee in bankruptcy is one of the owners.

The less equity there is the easier it will be for you to offer to buy out the trustee.

My apologies it’s many years since I did my training and things have obviously changed. I usually keep a weather eye on things but that one has passed me by. Seems a sensible idea.

@Beaniebeemer

The court isn’t involved yet it’s just what foresee happening. It would be someone else making him bankrupt.....

Okie dokie then you have time to do your research and talk to National Debtline etc. Is this a business debt?