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| T O P I C R E V I E W |
| mark6 |
Posted - 19 April 2010 : 18:03:10
Hello,
I may have to delare bankrupt in the future if things don''t improve. I have a buy to let flat (with significant negative equity), jointly owned with my wife, who is not in debt. What is the worst that would happen to me if I borrowed more money in order to sell the property at a loss so that my wife is unaffected by any bankruptcy in the future, should it be necessary? Iknow this may not be very ethical, but the flat is causing us some serious stress, due to some very unpleasant neighbours threatening me and our tenant, so we will have empty flat soon and I dont want the burden anymore.
Many Thanks
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| 3 L A T E S T R E P L I E S (Newest First) |
| Bridgewood |
Posted - 20 April 2010 : 09:00:53
Hi Mark
As Richard P said, your wife would be liable for any shortfall on the buy to let mortgage if you were bankrupt.
I'm not sure I fully understand what you mean by borrowing more money to sell the property at a loss, but it is an offence to incur debt knowing you will be unable to repay it, so if you did, and then went bankrupt you may be subject to a bankruptcy restriction order/undertaking.
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| RHB |
Posted - 19 April 2010 : 19:24:56
Would you be able to borrow the money anyway in this financial climate? |
| Richard P |
Posted - 19 April 2010 : 18:18:26
Hi Mark
welcome to the forum
sorry to read about your problems.
as you have idenified you are sailing very close to Ethical and unethical.
you would be in serious wrong taking out further credit knowing that BR was the only option for you.
if you have joint debts the creditor would chase the other party for the outstanding amount. (sorry)
however by reading your thread you are planning along time in advance. declaring BR is / may not be the only option, this forum have a wealth of experts who you can contact by the links to the left.
I used Paul and his team at Reviva, they helped me plan my way into (and hopefully out of Bankruptcy) I would encourage a quick call
good Luck regards Richard |
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