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T O P I C R E V I E W
lynzzi
Posted - 16 February 2011 : 22:58:03 hi, i'm considering bankruptcy but need help! i've been seperated from my husband for 2 years and i'm currently living in my house with our 3 children, the bills have mounted up and i can no longer live here so as from next week i'm moving into rented accommodation and we don't know what to do with the house which is in negative equity of about 14,000, the mortgage is in both names and we have been paying half the mortgage each, if i handed the keys back to the mortgage company and went bankrupt would they chase him for the money?? he has had an IVA for just over a year. hope you can give me some good advise! thank you
2 L A T E S T R E P L I E S (Newest First)
Richard P
Posted - 17 February 2011 : 13:41:06 Hi lynzzi
welcome to the forum.
if you and your hubby are still on speaking terms it might be a good idea for both of you to visit one of the experts.
Bankruptcy may or may not be the right course of action but any decision could have a knock on effect.
if the property sells seriously under market value the shortfall may be such that it will cause his IVA to fail.
joint debts may be an issue.
Richard
RHB
Posted - 17 February 2011 : 11:15:01 Yes they would, but his IVA should cover the shortfall.
