davisleroy
Registered User
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- 2
Am considering the option of bankruptcy and wondering what the effect will be on assets owned jointly with my husband.
These assets consists of RIPS which are underwater worth 400k with debt of 850k.......These joint borrowings with my husband are not in arrears but the income from the apartments will never repay the 800k.
However because of other borrowings in my own name Bankruptcy seems like the only solution.
Presumably the court appointed assignee becomes joint owner of my share of these assets but presume they cannot force the sale of the assets without my husband's consent, particularly in circumstances where the loan is not in default. Or would my bankruptcy automatically put the joint facility in default ?
Even if it does trigger a default the Bank may not wish us sell the apartments now. Although it may be better In these circumstances can the assignee force the sale of these jointly owned properties?
The final point is are there any repercussions re the family home which is solely in my husbands name ? I am on the loan and pay 50% of the mortgage but title is solely in his name?
These assets consists of RIPS which are underwater worth 400k with debt of 850k.......These joint borrowings with my husband are not in arrears but the income from the apartments will never repay the 800k.
However because of other borrowings in my own name Bankruptcy seems like the only solution.
Presumably the court appointed assignee becomes joint owner of my share of these assets but presume they cannot force the sale of the assets without my husband's consent, particularly in circumstances where the loan is not in default. Or would my bankruptcy automatically put the joint facility in default ?
Even if it does trigger a default the Bank may not wish us sell the apartments now. Although it may be better In these circumstances can the assignee force the sale of these jointly owned properties?
The final point is are there any repercussions re the family home which is solely in my husbands name ? I am on the loan and pay 50% of the mortgage but title is solely in his name?