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| audrey.je |
Posted - 18 February 2010 : 15:40:18
I am applying for bankruptcy. I am the main wage earner my husband isnt working he is main carer of my sons. My last property we voluntarily surrended back to mortgage company because we could not maintain monthly mortgage payment, they would not even allow me to reduce my payment to saty in my family home. The mortgage company sold my home for a song and has come back on me for £52,000.The property was in joint name. My husband does not have any income and he isnt on my application for bankruptcy. Will the mortgage company still amke my husband liable even though he does not have anm income? or can we both apply for bankruptcy, I am thinking of the cost as I have been told bankruptcy applications cost £500 or do we both have to apply seperately, can anyone help me with this, thanks
Audrey |
| 3 L A T E S T R E P L I E S (Newest First) |
| Jane.l |
Posted - 19 February 2010 : 10:35:32
If your husband is named on the joint mortgage then, yes, the mortgage company will pursue him for the full amount, they won't care if he has income or not, I am afraid. I think it is 15 years that they can pursue him for this. I was not working and was stil pursued for a debt of nearly £100,000
ETA, if he does decide to go bankrupt, he will have to petition himself, you cannot do a joint bankruptcy, but if he is on certain benefits, there may be a reduction in fees |
| audrey.je |
Posted - 18 February 2010 : 16:25:43
Thank You Richard for your response. Unfortunately I have looked at alternatives and for the forseeable future my finances will remain the same, unless I have a lottery win (fat chance). I just want to make a fresh start and get on a level footing, there is nothing worse than having money worries when you have dependent children. we were ok before we bought the property we gave back to mortgage company. I blame myself taking on a mortgage which I found out later was too much.I will take on your Advice and wait and see what happens with the mortgage company and if they pursue my husband,even though he has no income
thanks again
Audrey
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| Richard P |
Posted - 18 February 2010 : 16:12:37
Hi Audrey
any joint debts at the time of BR will transfer to the other person
if it is only the mortgage that was in joint names, do not rush into making your husband BR
if your circumstances have been reviewed and Br is the only option for you. get your self BR and then sit tight for husband
I think mortgage companies have up to 20 yrs to persue your husband, then they will only do so if they believe he has assetts.
you may however wish to apply for BR on his behalf in a few months or year time, whilst he is still looking after your sons then he may qualify for fees reduction
the cost is £510 unless you are going to the high court £520
as stated above do not rush into BR ask one of the experts or CAB to review your situation to see if they have any other option
regards Richard |
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