Bankruptcy?

[twoman]

Hi Caggers,

Just been reading Wendyboats thread in the legal issues and a question i have is,

If a creditor wanted to make my OH bankrupt for a credit card / loan debt,where would that leave me as far as the assets are concerned ie house,car, personnel belongings etc.

[twoman]

lots of guest's today,nothing todo!:wave:

[sequenci]

Hello there. Any assest owned by the bankrupt could be implicated. A jointly owned property could be sold (if there is equity to be realised) + vehicles and things also. Any thing that you own yourself wouldn't usually be implicated.

 

Seq.

[ericsbrother]

they would have a hell of a job taking your house if it is a joint tenancy as you would then own a percentage of the property completely separately from your OH and they cant make you homeless. Thety would then put a charge on the part of the property that your OH owns and collect the money when the house is sold. Most couples have tenencies in common which means they are jointly owned but not separately. This is easier for the creditor to liquidate as it is treated as a single asset that can be used by either partner. As for cars, if they are registered in your name they are yours unless your OH signs them over just to hide his assets. Reg documents and purchase receipt/repair bill in your name will prove that you own it even if OH bought it.

[sequenci]

they would have a hell of a job taking your house if it is a joint tenancy as you would then own a percentage of the property completely separately from your OH and they cant make you homeless.

 

This is completely inaccurate. At the most a sale can be delayed by up to a year if there are children living at the property.

 

The standard way for properties to be owned is via a joint tenancy, by the way.

 

unless your OH signs them over just to hide his assets

 

Such transactions can be reversed by the official receiver.