Hello
I had fallen on tough times and made the tough decision to declare bankruptcy.
The debt amount was under 20K. I do not make enough and have no assets in my name to warrant having to pay contributions.
I recently got an email from the trustee asking about my martial home i share with my husband - which is only is his name. Both title and mortgage are in his name, and the mortgage repayments come out of an account that is only in his name and his salary alone goes into. My salary goes into a separate joint account used for daily living and all other expenses.
the trustee advised that they are trying to determine if I have interest in the property (after research, i found that if thats the case they can try go after the house). this has left me very worried, as I also have 2 young children.
More information - we had the house built new. Deposits all came from my husbands accounts - i.e sent to solicitor, taken from his account to pay the initial deposit to the bank. but the funds for this deposit, as well as progress payments to the builder were transferred from a joint account where at the time both our salaries were being deposited into. so, impossible to break down my salary went to X and his salary went to Y.
I have read that determining interest would be based on things like how long he has had the house for (under 1.5 years) - mortgage repayments (only coming out of his account/salary), if I have made any contributions to the home in terms of modifications/renovations (have not done anyting significant). I am concerned about the deposit having come from "joint funds" as well as progress payments to the builder - but the trustee has not asked for this. they specifically asked
if i was paying rent (no)
how long i have lived there
if i contribute to the mortgage payments/renovations
requested recent mortgage statement.
PS house is valued at approx 1 million, amt owing on it is approx 740K
Sorry for all the info - but i am wondering what the likelyhood of them determining that i have interest in the property based on all the above
AND if so, what are the odds they will go after the house for a total debt to creditors for under 20K?
Thank you
I had fallen on tough times and made the tough decision to declare bankruptcy.
The debt amount was under 20K. I do not make enough and have no assets in my name to warrant having to pay contributions.
I recently got an email from the trustee asking about my martial home i share with my husband - which is only is his name. Both title and mortgage are in his name, and the mortgage repayments come out of an account that is only in his name and his salary alone goes into. My salary goes into a separate joint account used for daily living and all other expenses.
the trustee advised that they are trying to determine if I have interest in the property (after research, i found that if thats the case they can try go after the house). this has left me very worried, as I also have 2 young children.
More information - we had the house built new. Deposits all came from my husbands accounts - i.e sent to solicitor, taken from his account to pay the initial deposit to the bank. but the funds for this deposit, as well as progress payments to the builder were transferred from a joint account where at the time both our salaries were being deposited into. so, impossible to break down my salary went to X and his salary went to Y.
I have read that determining interest would be based on things like how long he has had the house for (under 1.5 years) - mortgage repayments (only coming out of his account/salary), if I have made any contributions to the home in terms of modifications/renovations (have not done anyting significant). I am concerned about the deposit having come from "joint funds" as well as progress payments to the builder - but the trustee has not asked for this. they specifically asked
if i was paying rent (no)
how long i have lived there
if i contribute to the mortgage payments/renovations
requested recent mortgage statement.
PS house is valued at approx 1 million, amt owing on it is approx 740K
Sorry for all the info - but i am wondering what the likelyhood of them determining that i have interest in the property based on all the above
AND if so, what are the odds they will go after the house for a total debt to creditors for under 20K?
Thank you
