Australia's #1 for Law

Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!

FREE - Sign Up Now

QLD Buying a Home while in Court Judgment Debt?

Discussion in 'Debt and Bankruptcy Law Forum' started by pat, 10 March 2015.

Tags:
  1. pat

    pat Well-Known Member

    Joined:
    14 July 2014
    Messages:
    22
    Likes Received:
    1
    Recently lost a court case over a car accident and have been ordered to pay over $30k. Initially I was contacted to negotiate a repayment plan. We agreed on a monthly amount and was told they would send me papers to finalise the arrangement. I have not heard from them in two months. Partner and I are considering buying a house - she has a large amount of equity to put into the house. I have none. My question is this if we were to go ahead and purchase a house, is it possible that the people I owe money to could somehow force the sale of the home to regain their assets? We plan to draw up legal papers protecting my partner's investment into the home.
     
    #1 pat, 10 March 2015
  2. Sophea

    Sophea Well-Known Member

    Joined:
    16 April 2014
    Messages:
    2,400
    Likes Received:
    373
    If a judgement is made against you in court, and you fail to pay the judgement debt, then yes they can go after assets that are in your name. If you pay the judgement debt, no right or need arises to go after your assets. If you do not have funds to pay the judgement debt, then don't put the house in your name. Keep it in your partner's name only.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
    #2 Sophea, 10 March 2015
  3. pat

    pat Well-Known Member

    Joined:
    14 July 2014
    Messages:
    22
    Likes Received:
    1
    Thank you for your reply.if my partner owns 50 percent of the value of the home can they force sale.
     
    #3 pat, 10 March 2015
  4. Sophea

    Sophea Well-Known Member

    Joined:
    16 April 2014
    Messages:
    2,400
    Likes Received:
    373
    Technically yes, but it gives rise to difficulty. Where property is jointly owned, the Sheriff is only allowed to sell your interest in the property. This can mean that a sale is very unlikely to happen, as it is difficult to find a purchaser for half of a house.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
    #4 Sophea, 10 March 2015
(You must Log In or Sign Up to post here.)
Loading...
Similar Threads - Buying Home while
  1. Superbsydney

    NSW How to Have Caveat on Home Removed After Bankruptcy?

    Superbsydney, 17 August 2017 at 2:54 PM, in forum: Debt and Bankruptcy Law Forum
    Replies:
    0
    Views:
    99
    Superbsydney
    17 August 2017 at 2:54 PM
  2. squirrel333

    SA Theft of items from home - Trustees Lawyer

    squirrel333, 9 June 2017, in forum: Debt and Bankruptcy Law Forum
    Replies:
    1
    Views:
    196
    Rod
    12 June 2017
  3. Keziah

    NSW Unusual for Trustee to Visit Bankrupt's Home?

    Keziah, 16 November 2016, in forum: Debt and Bankruptcy Law Forum
    Replies:
    3
    Views:
    283
    Keziah
    17 November 2016
  4. K1M

    VIC Will Husband Buying House from Me Save It from Bankruptcy?

    K1M, 26 October 2015, in forum: Debt and Bankruptcy Law Forum
    Replies:
    1
    Views:
    362
    James D. Ford - Solicitor
    26 October 2015
  5. Shandonn

    WA Negotiating with Bankruptcy Trustee to Buy Back Equity

    Shandonn, 22 May 2015, in forum: Debt and Bankruptcy Law Forum
    Replies:
    1
    Views:
    728
    Shandonn
    29 May 2015

Share This Page

Toggle Width
Loading...
gt;