Areas of Law / Bankruptcy Debt

My husband is in business and constantly has cashflow problems, with the result that we are always struggling to pay the bills. We have a house in joint names. If he were to die, what would happen to all the debts outstanding from the business?

I take it your husband is a sole trader. That being the case he will be personally liable for any debts incurred by his business, and in the event of his death his creditors will be able to call on his estate for payment. Under provisions included in the Insolvency Act 2000 his share of your house would have to be made available to his creditors for payment, so it’s possible you would have to sell up unless you could come to an arrangement with them.

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