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Clare
Clare, Solicitor
Category: Bankruptcy Law
Satisfied Customers: 34233
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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MY PARTNER MAY HAVE TO FACE BANKRUPTCY. WE ARE NOT MARRIED

Resolved Question:

MY PARTNER MAY HAVE TO FACE BANKRUPTCY. WE ARE NOT MARRIED YET EXPECTING.
WILL WE LOSE OUR HOME?
Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  Clare replied 11 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

Who owns the property, how much is it worth and how much is outstanding on the mortgage

Customer: replied 11 months ago.
Hi.
Thanks for the response.
My partner owns the home.
£315 mortgage
£500 value
Expert:  Clare replied 11 months ago.

What is the extent of the debts

Customer: replied 11 months ago.
He's been divorced for 3-4 years and it's marital debts of over 200k plus his ex has judgement against her on the house
Customer: replied 11 months ago.
He still owns the house with his ex as the last asset standing
They have 1 child who is in care
Customer: replied 11 months ago.
He had custody but the ex abducted the child and now she's in care
Customer: replied 11 months ago.
We have been together for 2 years
Expert:  Clare replied 11 months ago.

Why is the child in care (this will impact your pregnancy)

Is the house the former matrimonial home?

What Judgement does his ex have on the house?

Customer: replied 11 months ago.
the child is 14 and was alienated from her dad by the mum in the abduction.
The child insisted to be with the mum despite courts judgement against this.
Hence she was placed in care for stability during GCSE .I am hoping this does nit affect my pregnancy as there was no findings against him.The ex has judgement for damages caused to rental property and creditors
The house belonged to my partner and his ex as their holiday home. My partner moved there when they separated and was
the only owned home for his child.We have been staying together and now pregnant.
We will like to live in this home when the baby is born
Expert:  Clare replied 11 months ago.

How much is the debt secured on the property?

what other debts does your partner have?

Customer: replied 10 months ago.
Hi.
Apparently matrimonial debt. 200k and hmrc fine because of a business loan his ex used on his name and late tax returns
Expert:  Clare replied 10 months ago.

How much is the fine?

Customer: replied 10 months ago.
The fine is unknown yet. Apparently it may not apply as the delays to submit docs to hmrc was due to the abduction and legal proceedings for their child , who was in the dads custody but abducted by the mother.My partners accountant says that there will be a way of not getting this fine to payThe debt of my partners ex is unknown but could be in excess of £100kMy partner has been paying the mortgage arrears on mortgage and utilities for the property and the ex has not paid a penny since 2013.Thanks
Expert:  Clare replied 10 months ago.

Has there been a financial settlement within the divorce proceedings?

Customer: replied 10 months ago.
No
The divorce and child proceedings were finalised in 2013. But finances r pending
Expert:  Clare replied 10 months ago.

What is her financial position?

Customer: replied 10 months ago.
50/50But the house is the last standing asset that my partner Is paying for.Because of the debt he may have to bankrupt as advices by account.But his child ( when back from care) and our child will have no home.I'm no sure if the keep the pregnancy.
Expert:  Clare replied 10 months ago.

No I mean is she likely to have to go bankrupt as well

Customer: replied 10 months ago.
No she is not likely too as she now lives in Ireland. Hence creditors here are chasing the debt
Expert:  Clare replied 10 months ago.

Ok

How many of the debts are in your partner's sole name and how much do they amount to

Ditto for those in her sole name and for those in joint names

Rough round figures will do

Customer: replied 10 months ago.
property, ground rent arrears and home loans are in joint names. (150k equity left if one takes these into consideration)
the loan from my partners company to their joint account which paid for the property is in his sole liability - this is attached by HMRC liquidators to his 50% share of the property. (208k)
His ex has significant debts with judgements attached to her portion of the debt.(80k+)
Expert:  Clare replied 10 months ago.

Are those judgements secured on the property?

Customer: replied 10 months ago.
they are
Expert:  Clare replied 10 months ago.

Right So if the house was sold there is no money over at all?

Customer: replied 10 months ago.
Expert:  Clare replied 10 months ago.

Then I am afraid that yes there is every chance that the property will have to be sold and that the Trustee in Bankruptcy will insist on it

This is because his share of the equity will go a long way towards paying of the debts.

Even if it was not sold within the Bankruptcy the fact is that his ex will retain her interest in the property - and would benefit from any eventual sale.

I am sorry - I know that the news is not good - but I cannot see any other way around it - and I have looked at all aspects of the situation on your behalf

Please ask if you need further details

Clare and other Bankruptcy Law Specialists are ready to help you
Customer: replied 10 months ago.
it is a complicated issue...Having another child is just going to make things even more complicated.But we will have to sort it anyway
Customer: replied 10 months ago.
thank you
Expert:  Clare replied 10 months ago.

You will sort it - with two determined and loving parents (which the babe will have) then money is an issue - not a hurdle