Hello,In a bankruptcy, a form J restriction is added to your jointly owned property's entry in the Land Registry which could lead to a court ordering the property to be sold and your trustee in bankruptcy claiming your beneficial interest in the property (in this case assumed to be 50,000 pounds being your half of the equity in the property).
Your partner may buy out your beneficial interest so that they become the sole owner of the property and your debts are paid off.
If this is not ordered, your trustee will be informed of any dealings with your property in the event you try to sell it or re-mortgage it.If you owned the property in your sole name, then the title would have been transferred to your trustee in bankruptcy but this does not happen in a jointly owned property.Hope this helps
Is it very likely that the court would order the sale of the property even if my sister is living there with her son?
How could my partner buy out my beneficial interest. She hasn't £50,000 available to be able to buy my interest.
Thanks for your help.
Finally, would it it be in my interest to try and pay H M Revenue on account e.g £1,000 as a gesture of willingness to pay or would it be a waste if they are planning to make me bankrupt anyway?