what could happen to me/my home

[amanda]

My husband has not lived in the house where I am ever since it was purchased - he left. However his name is on the deeds and I have received a letter (to him) saying that a company is going to make him bankrupt. I have given them his contact details in Europe - what could happen to me/my home. What should I insist he does? IVA?

[MelanieGiles]

Hi amanda

Gosh what an awful thing to happen to you. You really need to take specialist legal advice with regard to this situation, as if your husband is deemed to have an interest in the property - and this is evidenced by the fact that he is registered as a joint owner, then that interest will vest (be transferred to) a subsequent Trustee in bankruptcy.

The things you need to be thinking about in the meantime are:

1 Who paid the deposit for the property?
2 Who pays the mortgage?
3 Who pays for the property to be maintained and improved?

Do you know how much your husband owes to creditors in total? What is the value of the property and the amount owing to the mortgage company?

An IVA may be possible, but I would need a lot more information before advising you further.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[amanda]

Thanks Melanie - the house was paid for out of the proceeds of the sale of a house that was owned soley by my husband. There is not mortage. I pay all the bills - they are in my name - he does not appear on the electoral role and I get a 25% discount on my poll tax as I live alone.

Does this help?

Thanks
Amanda

[accgroup]

Hi Amanda

Yes that does make things a bit clearer. I agree with Melanie, you will need to obtain your own specialist legal advice. It does sound like your husband has an interest in the property, which could be 100% if it was bought using funds from the sale of a previous property he owned - although did you have a mortgage which has since been paid off by you or has the property always been mortgage free?

The other thing Melanie asked was who pays for the maintenance of the property, i.e; have you had to have any major repairs or work done which you have paid for?

Whether your husband needs to do an IVA will depend whether he is actually insolvent - can he afford to repay this company who have sent the letter? Does he have any other debts?



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[MelanieGiles]

Amanda

I assume that you are still in touch with your husband, so please urge him to deal with this debt and not bury his head in the sand.

You should also see a lawyer with regard to your position. Not just because of this debt - but to protect your own position for the future.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk