Legal paperwork versus bancruptcy.

[GeneGenie]

My ex husband signed a declaration, stating that he would take on all debts from the marriage when he left me. This was 7 years ago. Last year the mortgage people caught up with him and wanted 16,000 in debt recovery. He went bancrupt so he didnt have to pay this money. I am planning on going back to work soon, maybe even starting my own business. The name for the mortagage was both of us so the mortgage people are entitled to chase me I believe to recouperate their losses. Although he agreed 7 years ago to take on this debt ( I have it in legal documentation). , now that he went bankrupt a year ago so he didnt have to pay it, if they catch up with me to pay it will I be able to take him to court to recouperate any monies I stand to lose? I am naturally very reluctant to pay sich a bill when it is his debt. I understand that when he files for bancruptcy he has to make a list of all the people he owes money to so I believe that the mortgage people will be top priority on that list, but as he signed my legal documentation 7 years ago to say he would take on that debt so I do not have the burdon of it, then am I being left with a massive debt here? Is the legal documentation he signed now null and void because he has registered bancrupt?

[claguey]

If it was a joint mortgage the Building Societies take the view that matters not who pays or doesn't pay, it's a jointly liable debt. Been there got the t-shirt. I think the fact he signed anything is worthless to debtors they just want their pound of flesh. Unfortunately where estranged or ex husbands are concerned, don't believe a word they say, I and a few friends have learnt that lesson the hard way. Sorry GeneGenie

[GeneGenie]

Hi. Thank you so much for replying so quickly.

Yeah the debtors just want their pound of flesh, which they are quite right to really. I know that theres a possibility of myself having a court case in the future.

Thing is, I was entitled to alimony when he left the marriage and my kids and I lost everything. I decided that rather than go for an alimony payment as he had no monies then anyway, it would be more financially better for me and the kids if he declared that he would take on the debts from the marriage. So this doesn't mean I cant get taken to court, but it means I am entitled to chase him up via the courts to recoup any losses I may incur.

Now he has registered himself bancrupt last year, I am wondering, if I have to pay this debt in a couple of years, then does that mean because he has registered himself bancrupt and listed this debt in it, then he no longer has to pay ME back if I get chased? Also, if that is the case, then would that mean he has broken his agreement with me, then i would be entitled to chase him up for back dated alimony coz he had no intentions of honouring the agreement in the first place.. Don't suppose anyone knows how I find out if my name is on that bancruptcy list?

Think I need a coffee after all that lol.

[themas]

Under bankruptcy law all debts he had at the time he went bankrupt are included in the bankruptcy, whether they were listed on his petition or not. These include personal debts as well as commercial ones, so his debt to you will have been wiped out by the bankruptcy and you would not be able to take action against him in relation to it.

Whether you could do anything about backdated alimony is another matter, and you would need advice about it - preferably from the solicitor who dealt with the divorce for you. However, if he really does not have any money you could be wasting your money on legal fees to pursue this.

It may be that the mortgage debt is not recoverable from you. There is a voluntary code of practice which applies to members of the Council of Mortgage Lenders which means that in some circumstances such debts cannot be chased if no contact has been made for 6 years from the date of sale of the repossessed property. However, the rules are somewhat complex and may or may not apply to you. If you are approached by the lender do not do anything that can be interpreted as acknowledging that you owe them any money, but get advice from an experienced debt adviser - at a CAB or (in some areas) or local authority debt advice service.

[claguey]

What a nightmare! You need a financial advisor to help & protect yourself. It may be worth closing the door on the no-hoper, he's not paid you yet and he's found a way to avoid doing it in the fuuture by declaring bankruptcy. Just make sure your property, accounts, savings etc are safe. Good luck.

[GeneGenie]

Thanks ever so much for all your advice. It really is greatly appreciated and helpful. I'm pretty reluctant to just allow the no hoper to walk away without looking after his responsibilities. He hasnt paid a single penny in child support and they said he doesnt have to. I have been in contact with them to ask them to start a new claim. He has basically walked away from everything and I'm going to be left to foot the bill for his "discretions". I think I will definately take this up with the solicitors who made the agreement up, because if that means the agreement is now null and void then he should be chased for an alimony payment for the kids. He doesnt have money as such, but the business he took over from his brother, he said last year is now his and he will no doubt get a substantial payout when anything happens to his parents. I'm not interested in anything for myself, but I think my children should be entitled to something for their future. So far they have been left high and dry with nothing and I think that is wrong.