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| baxi |
Posted - 05 January 2009 : 09:31:51
Hello everyone,
I am currently considering BR and therefore so is my wife. We have been married less than a year but money problems and other things has put tremendous strain on our relationship.
We have a mortgage together and a homeowner loan, which in total come to in the region of £120-125k. The house would probably only fetch 90k today at best. We have a personal loan together which was for £8k, taken out in the middle of last year. There is a credit card which although she is an additional card holder i believe is in only my name. She has spent as much as me on the card and on 1 of my overdrafts. However i had the house and the mortgage before i met her, although not as large a mortgage as it is now and the house had equity then.
Although we have both contributed to the debt, my wife is only 23 and i am 29 and she is quite inexprienced in life compared to me and i worry that i have got her into a mess at such a young age.
Is there anyway of avoiding her having to go bankrupt? There is no way i could afford the mortgage on my own, nor do i earn enough to do be the sole owner. I have read about a "credit disownification" but i doubt that is binding. My wife and i weren't married in this country but it was legal if that makes a difference.
Any help or advice would be great, although i am sure this question comes up daily and there is not a solution to it. |
| 4 L A T E S T R E P L I E S (Newest First) |
| baxi |
Posted - 05 January 2009 : 20:19:41
Thanks for the replies, it has lifted my spirits and given me more determanation to make the right decision. |
| pix1 |
Posted - 05 January 2009 : 20:13:50
I am sorry to say that there is no way your wife can be released from any mortgage or other loan to which she is a joint-signatory. Not unless there was proof of illegality in the marriage or in any loan agreements. If both your signatures on on the documents then thats it: jointly liable. It sounds like you are still together and I hope that is the case and you support each other in this situation. It appears that bankruptcy might be a good option if your income is, and is likely to remain, too low to pay for your outgoings, particularly as your property value is falling daily. Please check all the options before going ahead, though.
Bankruptcy is quite a scary thing and your wife, not to mention yourself, would be quite young to be facing it. It is not actually shmeful, by the way, and is, in fact a civil right. The plus side is that you will both have years ahead of you to put it in the past and be successful in future having learned a tough lesson. If you both wnet ahead now your wife would have a clean credit record by thirty, by the way.
If you both go ahead (there is no point in only one of you going ahead, by the way, as the other would remain liable for joint debts) you could write up your statement of affairs to take more of the blame on yourself and tehreby protect your wife as much as possible. I did so in my bankruptcy and took more flack than my wife (although she ran up plenty of her own debts!).
Good luck.
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| RHB |
Posted - 05 January 2009 : 17:45:30
Don't really see how tbh. As she's on the mortgage & everything. Remember, in marriage you take each other for richer & poorer. Hope you can both find the strength to keep your relationship going, maybe going BR will give you BOTH a fresh start? |
| baxi |
Posted - 05 January 2009 : 17:39:05
Can anyone help me with my above post? Is there anyway of removing my wifes liability to the joint debts so she doesn't have to go BR?
Any help is greatly appreciated. |
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