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| mary.2 |
Posted - 29 April 2010 : 21:53:30
my ex partner has gone bankrupt, we have a joint mortgaged property together and loan. we are being taken to court over failure to make paymens to the mortgage and loan bur now he is bankrupt what will happen to me? wil the mortgage company still take us both to court for possession of the property? AS his debts are now written off does that mean that half the mortgage and loan are written off? I tried to hand my oart of the property back to the mortgage company months ago but they refused to let me do that and went after my ex partne so they could take both of us to court, I no longer work as i had to leave the area i lived in as my ex became violent, where does this leave me- i have no income and i cannot comence with my job if i am made bankrupt or my propertyu becomes repossed? any advise greatly appreaciated |
| 3 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 30 April 2010 : 10:15:37
Hi mary
lots of questions in your text.
The first question that the OR will want to know is when you seperated.
then they will want to know about level of control that your EX has over you affairs (house , car etc)
Joint debts will be transferred to you ( probably take the banks about 3 moinths to come and start chasing you.)
Not certain about your comment cant commence my job if I am made BR most employers will still allow you to work with them.
Can i suggest that for peace of mind, you speak to one of the experts to the left, if you have a job (potential job) that is sensitive to BR then they may be able to offer alternatives.
I used paul and His team at Reviva and recomend them highly.
good luck Richard
sorry Bridgewood did not mean to over type you |
| Bridgewood |
Posted - 30 April 2010 : 10:15:27
Hi Mary
As your ex has gone bankrupt, any debts for which you have a joint liability now fall on you I'm afraid as most loans are what is called joint and several - which means that both of you are equally liable
The creditor will claim against the OR for the claim against your ex, but can also claim against you as your ex is unable to pay.
However, you should be able to negotiate with them if you explain your circumstances
As far as the possession application is concerned, as you don't live there you should simply write to the mortgage company (or their solicitors) advising them you have no objection to the re-possession.
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
| InsolvencyQandA |
Posted - 29 April 2010 : 23:43:18
Hi Mary.2
In relation to the property the mortgage is a secured debt and has to be paid even if you or your ex partner go bankrupt. If not then the mortgagee will look to take back possession of the property under its security. Also now your ex partner's trustee will have an interest in the property as his interest now vest in the trustee.
The main thing you need to be wary of is if the mortgagee does reposess the property and sells it at a shortfall then you could be liable for the shortfall In relation to the loan is it secured against the property or unsecured.
Matthew |
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