would we still loose the house ?

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paula c

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Post by paula c » Mon Aug 11, 2008 7:44 pm
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if the mortgage is put in just my husbands name and i declare myself bankrupt would we still loose the house
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johnh

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Post by johnh » Mon Aug 11, 2008 7:57 pm
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It seemed to work OK for the Hamiltons!!
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Viki.W

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Post by Viki.W » Mon Aug 11, 2008 8:17 pm
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Hey Paula, welcome to the forum. You would have to have the house valued and make sure your husband pays you your fair share as if you just sign it over then it will be classed as selling an asset at undervalue and it will almost certainly be reversed by the OR. You won't necessarily lose your house if you can get someone to buy out your share of the beneficial interest. How much equity do you think you have in the house?
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Mon Aug 11, 2008 8:29 pm
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Your husband would have to pay fair value by way of consideration for the transfer of the house to him, as Viki has already highlighted, as a Trustee can trace these sort of transactions for up to five years.

How much do you actually owe to yiur creditors?
Regards, Melanie Giles, Insolvency Practitioner
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