I assume that these accounts cannot be traced,
although if they can, give the details to the trustee in bankruptcy.
The house in negative equity is out of the
equation because there is nothing in it for the steam bankruptcy.
The other one is more problematical and it
appears that your husband's interest in that property, half of the equity, is
It will be a case of negotiating with the
trustee in bankruptcy to purchase your husband's share of the property, which
is now vested in the trustee.
The mortgage outstanding is obviously what it
is and the valuation is whatever it will come in at.
If you are not able to raise any money to
negotiate with the trustee, he can apply to court for an order for sale so that
he can get his hands on your husband is £16,000 equity.
If you have children living in the house ,
the court would be more reluctant to order the sale but you would be stuck with
the charge against the house in respect of the bankruptcy and therefore it
would have to be paid off. If ever you came to sell a remortgage the property.
The less money, but is realised in a sale,
the less chance there is that the trustee will be able to force a sale. Of
course, you would have to have enough income to continue to pay the £300,000
mortgage and unless you can prove that on your own income you can afford to pay
it, the trustee in bankruptcy will want to know where that income is coming
from. If you husband is able to contribute to the mortgage to assist you, the
trustee will want that money to pay creditors and therefore it may be that you
have no option but to sell the house.
The trustee in bankruptcy is an officer
appointed by the court to deal with all your husband's financial affairs and to
get as much money in as possible to pay his creditors.
The lender is completely different. The
lender is simply whichever bank or organisation money to which enabled you to
buy the house.
In this case, you say that you owe the lender
£300,000 on one house and £180,000 on the other
Does that answer your question? Can I help
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