Legal Question in Bankruptcy in United Kingdom
am divorced can bailifs knock here regarding ex husbands bankrupcy
I am now divorced, the divorce settlement was half of all equities, including the house in which i still reside in,it is not yet sold nor is it on the market yet to be sold.If my ex husbands business fails ,which currently looks likely, would the bailifs or recievers come knocking at my door? where do I stand legaly on this matter?.
Regards Ms Ryan
1 Answer from Attorneys
Re: am divorced can bailifs knock here regarding ex husbands bankrupcy
If the property is owned in Joint names and your Ex becomes bankrupt his Trustee would be entitled to apply for an order for sale of the property and could obtain a possession order requiring you to vacate but you would still entitled to your share. In practice a Trustee rarely does this during the first 9-12 months after the bankruptcy. In addition often a trustee may be prepared to negotiate a sale of the bankrupt's interest to the remainoing owner at a slight discount to market value and to take account of any additional contributions that you have made after the Divorce. You certainly will not have to leave overnight but you should keep in close contact with the Trustee after he or she is appointed. If you cannot reach a reasonable compromise with the Trustee on your own then you would need to ask a solicitor to help.
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