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Stuart J
Stuart J, Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 20197
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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hi, my husband has declared bankruptcy in dec 2012. he has

Customer Question

hi, my husband has declared bankruptcy in dec 2012. he has hidden all his money as it transpired he had a double life. we have 2 properties joint names. how can i save the house i'm living in with my child of 4 yrs and my mum? will his name come off the mortgage? are the lenders and trustees different? the situation is more complicated but how can i save this place as i am not working at the moment?

Submitted: 1 year ago.
Category: UK Bankruptcy Law
Expert:  Stuart J replied 1 year ago.

Do you know where the money is? Can we have fine details including financial info please?

Thanks

Customer: replied 1 year ago.

I believe he's sent all his money to Bangladesh. Can't be sure as this is a trait of these type of people.

Expert:  Stuart J replied 1 year ago.

So there is no way to trace this money? Do you have any proof that you could show to the trustee in bankruptcy?

What are the houses worth and how much mortgage is outstanding?

Customer: replied 1 year ago.

I'm assuming he's put it in his sister's account in Bangladesh.


The only proof is the historic events that have happened during my marriage, eg getting loans out. Just what has now transpired from this.


 


one is negative equity about £20k roughly - mortgage is £180,000


another equity about £32k roughly- mortgage is £300,000

Expert:  Stuart J replied 1 year ago.


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
£16,000.



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
further?



The next part is really important for me:



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The thread remains open. Thanks



Customer: replied 1 year ago.

can his name be taken off the mortgage as he is bankrupt?

Expert:  Stuart J replied 1 year ago.



Your husband's interest is now vested in the
trustee in bankruptcy and the trustee in bankruptcy has to consent to that,
along with the lender.

Stuart J, Solicitor
Satisfied Customers: 20197
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
Stuart J and 4 other UK Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

hi,


can u tell me if i can pay the trustee and i'm still on mortgage relief will the lender take his name off?

Expert:  Stuart J replied 1 year ago.
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Customer: replied 1 year ago.

what does this mean though?


take him off the title deeds then what actually happens with the mortgage?


 


what will the lender do, they will want their arrears + full mortgage paid. but will they make us homeless as i can't pay the whole mortgage?


thanks

Expert:  Stuart J replied 1 year ago.
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