Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By darkangel
#321363 My question relates to my situation having transferred my half ownership of the home to my wife, and she took on a mortgage in her name, just over 5 years ago before my business failed and I was left with 80k debt. I want to estimate how much Beneficial Interest I might still be said to have - in order to decide whether to keep paying CCJs or go bankrupt and pay the Beneficial Interest.

Since then I have been careful only to pay my wife for the children's needs - food, school costs, clothes, and all the other things that can be put down to what children usually get, and she pays her mortgage. In other words I pay her for the childrens' living costs - a bed, toys, sports, you name it but nothing to do with the house and its fixtures and fittings. In addition I carry on my work at a different address, so my 'residence' at the home is part-time.

I want to make some kind of prediction if I went bankrupt today and-
A. the OR went back 5 years what percentage of Beneficial Interest might they ask assuming 50% at that time, and
B. my enjoying the home for 5 years, but taking care not to pay for its fabric in any way, what might they calculate?

Has anyone had experience of this and could give some ballpark percentages/probabilities? This would enable me to analyse if/when to go bankrupt or keep paying CCJ's. Thanks.
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By TalbotWoods
#321393 I just need to check I am reading this correctly:

"my enjoying the home for 5 years, but taking care not to pay for its fabric in any way"

Am I reading this as you are still living there, and have continued to live there for the past 5 years?

Your response will direct the correct answer for you
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By JaneClack
#321803 Can I just say - not having been on the site for a few days due to illness - that I have just read this post and wondered if it was a wind-up as this looks just like trying to defraud creditors by putting things out of their reach?

Are you still married to your wife - do you ever share the property - sorry I am probably still ill but I would just say that the insolvency service has also been known to monitor this site and the questions raise alarms