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

Moderators: TalbotWoods, JaneClack

#4358 Hi,
Can anyone help me. I am about to complete my forms for bankruptcy but am concerned about a house that I used to live in. I was with my ex partner for about 5 years and we bought a house together, I went into the relationship with nothing and all the funds used to buy our house came from the sale of my partners previous house. We split up just under a year ago and about six months ago the property was transfered into her name, I had taken equity out of the house when I was there and used it to set up a business, there is more or less the same amount of equity left as she put in originally and I have had about the same amount out whilst I was there. There was also an endowment policy in joint names which is only three years old so isnt worth much but she took it over, does this need to be disclosed? I am concerned because I dont want any action to e taken against her or charges put on her house... can anyone help or advise me what is likely to happen
By Freedom_at_last
#4369 Hi,

I was in a similar situation when I went bankrupt in Sep 03. I had left my ex the previous year. We both owned the property, still in joint names. I was concerned that anything would happen to it. There was no equity in the property or endowment. I did have to declare it on the bankruptcy papers as it was still in joint names. However, he is still living there and as far as I know nothing has been done by the OR. I'm not sure if you would have to declare it as the property is no longer yours. Even so, your ex still has to live somewhere - and that is taken into account. If there is no equity in the property then there is no point the OR doing anything about it. If you do have to declare it then just be up front about everything. The fact that you took equity out of the property to set up a business is a relevant reason and shows that you were trying to improve your lives. The OR would probably get involved if you had taken equity out of the property just before going bankrupt.

Hope this helps a little. I'm sure one of the moderators will put me right if I've given any wrong info.

Another point - try not to worry too much about your ex. You have your life, she has hers and you have to do whats best for you. Look after number 1 - no-one else will. I was the same as you, and I wasted a lot of time worrying about things that never happened!