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Hi everyone
this is my first post on this forum, so hello and seasons greetings!
I have been researching how it would be to legally protect your house from unsecured creditor either placing charging orders on your property, or going straight for bankruptcy.
The scenario I'm particularly interested in, is if the house is jointly owned by husband and wife, but the debts are in one persons name only.
Under a jointly owned house, I think I'm right in saying that a charge can be put on 50% of the house (the part owned by the debtor), or they can go for bankruptcy and the debt can be taken from the sale.
Now, the subject I'm interested in is something called ''tenants in common''.
Normally, the husband and wife would be known as ''joint tenants'' and be liable for 50% of the house value. But apparently, you can ''sever'' the tenancy and change it to tenants in common, and then actually stipulate the percentage of the house owned by each partner, for example 70%/30% or whatever you want.
So in theory, you could do this and have the partner with debts owning say 5%, and the the partner with no debts owning 95%.
So really my question here is, does anyone have any experience of this, and would doing this be successful in stopping charging orders or bankruptcy?
DB
this is my first post on this forum, so hello and seasons greetings!
I have been researching how it would be to legally protect your house from unsecured creditor either placing charging orders on your property, or going straight for bankruptcy.
The scenario I'm particularly interested in, is if the house is jointly owned by husband and wife, but the debts are in one persons name only.
Under a jointly owned house, I think I'm right in saying that a charge can be put on 50% of the house (the part owned by the debtor), or they can go for bankruptcy and the debt can be taken from the sale.
Now, the subject I'm interested in is something called ''tenants in common''.
Normally, the husband and wife would be known as ''joint tenants'' and be liable for 50% of the house value. But apparently, you can ''sever'' the tenancy and change it to tenants in common, and then actually stipulate the percentage of the house owned by each partner, for example 70%/30% or whatever you want.
So in theory, you could do this and have the partner with debts owning say 5%, and the the partner with no debts owning 95%.
So really my question here is, does anyone have any experience of this, and would doing this be successful in stopping charging orders or bankruptcy?
DB
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