www.iva.co.uk

I'm looking at all options to get out of my unsecured debt and am looking into bankruptcy as an option now.

The debts are all mine - the house is in joint names [and the deeds are 99% in my wife's name for some years now - a long story].

If going bankrupt, I assume the receiver would try and realise equity from assets, but if the house is in joint names and we have a child, would they try and get equity out of the value of the property.

Or is it more likely that the receiver would let us leave the house untouched and ask for sizeable payments instead.

rickyg

If you have contributed towards the mortgage or upkeep of the property then almost certainly the Trustee will claim to have an interest. I have currently challenged a similar issue in one of my bankruptcy cases, resulted in me obtaining 50% of the beneficial interest in a property for the bankruptcy estate.

so if the property has about £80,000 equity, the official receiver would insist that we sell the house and 50% would be payable, is that how it works?

plus my car, presumably?