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Can I Be Made To Sell Our House If My Husband Goes Bankrupt?
Question:
My husband was dismissed from work and has debts in the region of 30k, if he goes bankrupt would we have the sell our house which is in joint names. I am still working but would not be able to cover his debts, we also own a timeshare property.
If my husband goes bankrupt as he is no longer working, could we be made to sell our house and timeshare which is in joint names. The debts are solely in his names and are around 30k
Answer:
Since the debts are in just his name then he is the only one responsible for them, however if he goes bankrupt or is made bankrupt, any asset he has will be looked at in the bankruptcy.
If the property or timeshare has equity or value, his half or whatever portion of these is his an be taken for the bankruptcy by the Official Receiver.
The OR can give you the opportunity to buy out this equity, but if you do not have the means, then the OR/Trustee could look at selling or liquidating the asset.
If they were to do this, you would receive your portion of any equity.
Thank you for letting me help you.
Jon
If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.
Source: Can I Be Made To Sell Our House If My Husband Goes Bankrupt?