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Brisbane.Lawyer
Brisbane.Lawyer, Solicitor
Category: Australia Law
Satisfied Customers: 1601
Experience:  Lawyer of the Federal and High Courts of Australia; Lawyer of the Supreme Court of Qld
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Im in the process of breaking up from my defacto of ten

Customer Question

Im in the process of breaking up from my defacto of ten years. I've just found out that he has lots of debts, income tax and credit cards. They are all in his name not mine but I'm scared that I will be held responsible. Only asset we share is the family home. He is saying he is going into liquidation. What does that mean to me?
Submitted: 1 year ago.
Category: Australia Law
Expert:  Brisbane.Lawyer replied 1 year ago.

Hi,

Are the debts his personally..

Or are the debts in a company name?

Has he provided personal guarantees for his companies debts?

A company goes into "liquidation" not a person... for a person.. the correct terminology would be to "go bankrupt"... and there also other alternatives to Bankruptcy as well that might apply...

The bot***** *****ne, is you are correct to be concerned.

The equity or proceeds from the sale of your home could be used to pay his personal debts.

You need to get the facts regarding whether these debts are his personally.... as soon as possible!!

Kind regards,

James

Expert:  Brisbane.Lawyer replied 1 year ago.

The irony of the law in this situation, is that whilst you are together... his creditors cannot go after marital assets (like the home), but if you separate... then he has a legal right to a property settlement... and he or they can take legal action to enforce this property settlement to occur to be paid...

Expert:  Brisbane.Lawyer replied 1 year ago.

Does that make sense? I have made an offer of additional service for a phone call to discuss the situation in more detail.

Kind regards, James