Author Topic: Help  (Read 56301 times)

Boatman

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Help
« on: Oct 04, 2014, 11:12:03 PM »
Hello,


I'm at my wits end, I've been fighting this for over 5 years and now at breaking point.
My business boats leisure etc as took a bad hit in the last 5 years, I'm at the point that im thinking of throwing the towel in and going bankrupt.
My biggest worry is my wife's house. We've been married 4 years, together 7, she took the house on from her ex about 9 years ago.
My name is not on the mortgage and I haven't contributed.
My question, is my wife's house safe?
Sorry if this question has been asked loads of times.
Also if I go bankrupt, can I still trade (sole trader) and am I allowed a 'basic ' back account.
Thanks in advance


Nigel












Richard Stockburn

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Re: Help
« Reply #1 on: Oct 20, 2014, 04:59:17 PM »
Dear Nigel

I have just run your case past the Insolvency Service and there will be no claim against your wife's property provided:

* It can be shown that she acquired the property through a different source e.g. a divorce or an inheritance, nine years ago
* She can show that the mortgage payments have come out of her bank account
* You have not made any lump sum contributions towards any improvements to the property (thus giving you an interest in the property)

I have dealt with many similar cases in the past and I have yet to hear of a successful claim by the Official Receiver in these particular circumstances. The way it is dealt with is to state the information up front in the bankruptcy petition, rather wait for them to find the possible angle. Your wife might have to provide some evidence, but I don't foresee a problem.

The answer to your second question is that you can operate as a sole trader in bankruptcy and have a basic bank account.

Give me a call if you have further questions or want help preparing the paperwork

Richard Stockburn bankruptcy.co.uk 07894 481175




Boatman

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Re: Help
« Reply #2 on: Oct 20, 2014, 05:05:39 PM »
Richard,


Thank you very much for that info.


Regards


Nigel

pickledpepper

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Re: Help
« Reply #3 on: Oct 28, 2014, 11:55:49 PM »
Sorry for butting in on this, but surely the receiver would have no claim against the property since Nigel is not a joint owner and the mortgage is in his wife's sole name irrespective of the number of years. What are the grounds upon which a claim could be made ? Nigel has already stated that his wife obtained the property from her ex husband. As to making lump sum improvements to a property, I would be interested to know how this could form part of a claim against the property. Surely the donor of such a contribution should be the one who decides whether they feel they have an interest in the property or not, so in this case, would have the right to say no if he so wishes and why shouldn't he ? And how could these contributions be proved ?


On the subject of a lump sum, what figure did you have in mind that might trigger a claim ?

Richard Stockburn

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Re: Help
« Reply #4 on: Oct 30, 2014, 01:04:49 PM »
Hi there

If you call the Insolvency Service help line on 0300 678 0015 option 2, you are welcome to run it past them. Unfortunately, many a well meaning man has materially upgraded a partner's property in the past only to be booted out and the OR has the right to explore this avenue as HP / personal loans / credit cards may have been used for this purpose.

I grant you it's hard to prove but that won't stop the OR looking at it.