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Can I save my house

Can I save my house

Postby simhen1 » Tue Sep 10, 2013 10:38 pm

I own a half share in a house.
My brother owns the other half share
I have lived there for 6 years on my own
My brother has been made bankrupt for debts of about £20000 + costs
He has enough assets to cover this debt without selling the house
Will, can, the Trustee in Bankruptcy evict me and force me to sell ?
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Re: Can I save my house

Postby atticus » Wed Sep 11, 2013 5:48 am

Yes.

Your brother's interest is vested in the trustee in bankruptcy, and he can go to court to realise that interest.

Can you raise the money to buy out that interest?
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Re: Can I save my house

Postby dls » Wed Sep 11, 2013 7:10 am

If he has sufficient other assets it is a small puzzle as to why he has been made bankrupt. Be careful not to rely upon re-assurances you have not verified directly.

If sufficient other assets are realised to repay the debts and expenses, then there may be no need to sell the house, but be careful - you are, in this situation the low hanging fruit.
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