Hello, thank you for your question.
My name is XXXXX XXXXX I can assist you with this.
Although the property is in your sole name, do you accept that your partner has an interest in it? In other words do you accept that she owns something of the property, even if her name is XXXXX XXXXX the legal title?
It's not always quite that simple. You generally have to try and agree something between you in order to recognise that you have a share each, but she could become entitled to a share by virtue of substantial improvements (such as the solar panels) that she has paid for.
The point is, if she owns some of the equity, then your trustee in bankruptcy cannot touch her assets.
So if you owned half each, then the trustees claim would be limited to £8000 or so.
After the costs of sale are deducted, the best the trustee could hope to achieve would probably be around £5,000. Therefore, the trustee would probably accept an offer from her to acquire your interest in the property for around that sum.
You need to work out whether Suzi is just an unsecured creditor, like everybody else, or whether she has an interest in the property. They are two very different things. My strong suggestion to you would be to go and see a solicitor together about this. As I mentioned earlier, you normally have to have some agreement between you her to have an interest in the property, rather than simply being a loan type obligation to repay her.
It is important that you say the right things to the trustee in bankruptcy, particularly in relation to any agreement that may have been reached, or any interest that she might have in the property as a consequence of carrying out substantial improvement works.
Does this make sense?
Yes. You will need to explain to the solicitor why you both consider that she has an interest in the property when it is only new name. It might be that you agree something to that effect many years ago, or perhaps you agreed she would get something in return for investing in the solar panels or things like that. Obviously, I cannot tell you to say certain things, but this is the type of thing that the trustee is looking for in order to see that Suzy
has a claim in the propery.
Does this all make sense?
The botXXXXX XXXXXne is that a solicitor instructed on your behalf will assist you anyway. But he will not misrepresent the position to the trustee.
Yes, unfortunately, when you become bankrupt all unsecured debts become equal. You cannot pay one person ahead of the other. If you do, the money will be taken back from the person that received it.
The fact that your father loaned you the money does not make it invalid. His relationship to you is completely irrelevant.
The key to your position right now, is understanding whether Suzi has a claim to the property.
Is there anything you would like me to focus upon further for you?
I don't think you're being unreasonable at all. I fully understand your position, and see many people in exactly the same position quite often.