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Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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If my husband has been made bankrupt but has other assets.

Customer Question

If my husband has been made bankrupt but has other assets. apart from our house which I have lived in since he left ten years ago and has not maintained or payed anything into it since then will the solvency company want to take his share even if he is trying to sell other assets
Submitted: 3 years ago.
Category: Law
Expert:  Max Lowry replied 3 years ago.
Hi, welcome to the site. My name is ***** ***** I will help you with your question. Your husbands trustee in bankruptcy has a legal duty to recover all assets which your husband owns solely or that he owns with another or has an interest in. This includes the property in which you live which I presume from what you say is owned jointly with him.
The trustee would be looking to either sell your husbands share in the property to you for a negotiated price. However, as you say he has not made any contribution towards the upkeep of the property does this include the mortgage repayments for a capital repayment mortgage? If so, you could argue you own more than 50% of the beneficial interest in the property and therefore your husbands share is the remaining balance.
The trustee is probably trying to sell his other assets but the value is probably not sufficient enough to pay all his debts.
I hope this helps. Please let me know if I can clarify anything for you.