| T O P I C R E V I E W |
| Emma.80 |
Posted - 08 March 2010 : 18:36:57
My husband has made himself bankrupt but i have not. He has requested voluntary surrender of the family home of which I moved out of with my children a year ago. Clearly we have separated and I am being pushed by both the banks and my estranged husband to sign the voluntary surrender forms but am reluctant to do so. I am currently living on benefits with my children and have no means to pay but have been told I am responsible for any shortfall from the sale of the property. What are the implications for me if I sign the VS forms and if I refuse? If my estranged husband has made himself BR why is it in his interest for me to sign the VS forms? |
| 5 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 09 March 2010 : 12:31:12
i am not up to speed with housing rules and regs (help housing and ONYK please)
If Emma voluntarily surrenders her house does that put her in difficulty for being rehoused by local authority.
if she needs accomodation would she better placed to sit tight and wait for legal court paperwork.
regards Richard |
| debtinfo |
Posted - 09 March 2010 : 07:38:37
hi chester, you would only be liable after bankruptcy for a shortfall, if you sign a repossesion form after the bankruptcy, if you sign it before then it remains a pre bankruptcy debt |
| RHB |
Posted - 09 March 2010 : 07:05:04
Tbh, you may well have to go bankrupt too if there is no way you could pay off the shortfall & the mortgage was in bot your names. |
| chester2005 |
Posted - 09 March 2010 : 02:29:20
if the mortgage was joint then you are liable for any shortfall after sale.
it is generally advised NOT to sign the forms because if you decide to go BR then they can still pursue you for the money.
once the house is sold they will chase you for the shortfall and if you go BR it will be cleared so long as you do not sign the forms
let them go to court and repossess it without your assistance
it may be in your best interests to talk to a professional expert like Paul Johns from RevivaUK www.revivauk.com or mel from jones giles www.jonesgiles.co.uk
both will give you free initial advice
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
| debtinfo |
Posted - 08 March 2010 : 22:13:11
you are already liable and always will be for any shortfall after repossession, in the end the only difference is that if you do not sign it goes to court to be repossessed and adds to the costs, if you are not living there and dont intend to then i dont see why you wouldnt sign the form |
