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specific legal advice qn about bankruptcy

reghitch, 17 July, 2009 at 11:48 Posted on Off Topic Posts 0

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Sorry to ask this on here but all the services I have tried to phone have such long waiting times to get any information. I have got an appointment with the bankruptcy specialist at the local CAB next week but I really want to know the answer to one question and wondered if a legal bod could help.

To cut a long story short I've received a statutory demand under section 268(1)(a) of the Insolvency Act and while I intend to make an offer to compound the debt, I am aware that I am at risk of being forcibly made bankrupt.

My husband bought our house in July 2007. It is his name only on the deeds and mortgage. We have a Declaration of Trust stating I paid a certain amount of money towards the deposit.

Can they seize the house as an asset or not because it is not in my name?

TIA

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Savvy
icklemiss · 17 July, 2009 at 12:52
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Hi Reghitch, I used to be an insolvency investigator. From previous experience of Declarations of Trust we would lodge a Form J restriction against the property. This acts as a flag to the Insolvency Service if you ever sell the property and would be for the value that is stated on your Trust. The IS would be notified of any attempts to sell the property and would come looking to you for that sum which would then be used as an asset within the bankruptcy for the benefit of your creditors.

HTH
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