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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3775
Experience:  Solicitors 2 years plus PQE
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I made myself personally bankrupt just over two years

Customer Question

I made myself personally bankrupt just over two years ago,the insolvency company dealing with it (BDO) wants me to sell my property as I have all the equity in it due to my wifes previous bankruptcy but her name is ***** ***** the mortgage can they force me to sell as that puts my wife out of the house as well ?
many thanks
***** *****
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
When my wife went personally bankrupt her equity was transferred to me and it remained that way when I went bankrupt so that all the equity was mine,but her name is ***** ***** the mortgage. Can they force me to sell the property in this situation ? to I have till May 2017 to sell but they are threatening to take legal action to make me sell it,is there any legal grounds to stop them given that her name is ***** ***** the mortgage ?
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
Hi Nicola
That's ok I can wait,I know insolvency matters are specialist and its difficult to find someone who knows the complexities of it,Thank you
Terry
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Alex J. replied 1 year ago.

Hi, Thank you for your question and welcome my name is ***** ***** I will assist you. How much equity is in the property? Is your wife still in bankruptcy? Kind regards AJ

Customer: replied 1 year ago.
Approx £120 k
My wife was discharged from bankruptcy in 2013Kind regards
***** *****
Expert:  Alex J. replied 1 year ago.

Thank you. Technically yes the equity does form part of your estate in bankruptcy so they can force you to sell. There are some other considerations - have you had the property formerly valued? Have you proposed to the bank that your wife buys the equity from you - you could try and negotiate a discounted rate especially if it leads to a quick sale. Kind regards AJ

Customer: replied 1 year ago.
Thank you A J thought that would be the case
Kind regards
Terry
Expert:  Alex J. replied 1 year ago.

Hi, Can I assist you any further? Kind regards AJ