All Forums  archive  bankruptcy postbag for august  Can I take money from the mortgage account?

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by flexaccount[/i] [br]My wife is considering going bankrupt in the near future. We do have equity in the house, but not enough to clear the debt. We have a flexible mortgage with a cheque book & in the past my wife has taken money from this for her own personal use. I thought that this would be taken into account when calculating her share of the equity in the house, but apparently not as it is shared debt. My question is whether I can also withdraw money from the mortgage account into my own savings account thereby reducing the total equity in house or will my wife have to account for this money if she goes bankrupt? [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.