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| sarah.m |
Posted - 05 August 2008 : 08:46:54
me and my husband decided to split up in march, we have a mortgage and loan on the house, i pay the mortgage and husband pays the loan, but im finding it very hard to pay this and have enough money for day to day living, i have spoken to husband about me going bankrupt and he understands that if i do then the debt gets passed to him, the house is on the market but due to the credit crunch i dont think we will sell it for how much we need to pay everything off. if i went bankrupt would i have to leave the house if so i do have my parents to go to but they live in scraborough and would i still have to pay the payments as if i moved i would have to find another job
please can you help me cos no-one else seems to know what i can do
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| 4 L A T E S T R E P L I E S (Newest First) |
| sarah.m |
Posted - 06 August 2008 : 17:46:34
i dont understand how do we habd keys back to mortgage company and who, we a mortgage and a surcued loan on the house, the only place i can afford to do is to move in with my parents which i want to do so i can get a fresh start from all this mess. also what do we do with all the stuff in the house. all i want is free myself from the worry and stress that im under. |
| Helpful Advice |
Posted - 06 August 2008 : 10:17:50
Hi Sarah,
If you were to say hand the keys back to the mortgage company or the property were to sell for a shortfall then this debt would be written off as part of your Bankruptcy, however if the house is in joint names with your ex then he would become solely liable for the shortfall and they would be able to chase him for this payment.
It sound like handing the property to the mortgage company could help your situation, however I would find a rental property prior to walking away from the property so you can stay in your local area and your job, you would only need to declare yourself Bankrupt once you are aware what the shortfall would be for the loan company.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| sarah.m |
Posted - 06 August 2008 : 07:32:23
if the mortgage and loan payments are not leaving me enough to live on and then i get bank charges as well therefore going over my overdraft limit, can i go bankrupt without my husband(who i have split from) but he does pay the loan and gas rates, i just for every thing else and he is helping me with ths decsion to go bankrupt, we are trying to sell the house as i stated before so not bothered if the house goes, but again with the credit crunch dont think we will get what we need to pay offf the mortgage and loan and other fees, just need more advice on how and if this will help me to get on with my life as i do have other arrangments to live elsewhere this will be back with my parents in scarborough |
| Suzanne |
Posted - 05 August 2008 : 09:37:08
Hi sarah
If you went bankrupt you would be allowed 12 months grace in order to find alternative housing before the trustee would commence any possession proceedings, as long as you continued to pay the secured lending.
If there is a shortfall following the sale of the house, this would fall to your husband as they would get nothing from the estate and so would look to him as the solvent joint borrower.
If you do not make payments to the secured lenders, they would commence possession proceedings on default and they do not have to wait 12 months before doing so.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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