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

Moderators: TalbotWoods, JaneClack

ByBelly-Up
#1594 Does anyone know if a spouse of a bankrupt has ever been awarded more than 50% interest in the equity of a home when the property was in the sole name of the bankrupt?
User avatar
ByJaneClack
#1633 I am afraid I do not. I would also say it is highly unlikely as when properties are in one sole name there is usually a reason - often that the wife is at home looking after the children although I do have to say the mortgage is in my husband's name and I am the sole earner now!
ByBelly-Up
#1645 I know it is common in beneficial interest cases for the equity to be shared between people (not necessarily by the partner) based on contributions made to the mortgage and even contributions made to the upkeep of a home (say cooking, cleaning, gardening) - regardless of if a property is in the sole name of one person. Midland Bank v Cooke and LLoyds Bank v Rosset being the main case laws.

While paying the mortgage deposit and mortgage from a joint account helps to establish the equity at 50% each I am intrigued as to whether anyone has managed to push it beyond the magical 50% which would mean the sole owner actually ended up with less than a 50% equity holding.
Who is online

Users browsing this forum: No registered users and 1 guest