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| rosieruby |
Posted - 20 March 2009 : 12:03:38
Hi i have over £35000 debt and am struggling to pay this as i have just lost my business, my husband and i are a home owner, out mortgage is £165000, but it is only worth £140000 at the moment, if i was to go bankrupt, (myself only) would they be able to take my house? |
| 1 L A T E S T R E P L I E S (Newest First) |
| Steve T |
Posted - 20 March 2009 : 12:18:51
Hello and wlecome.
If you were to go bankrupt, your share of the property would vest by operation of law in the Official Receiver. As you have explained, the property has negative equity and so the OR will not have any interest in taking out equity from the property as there is none.
He will if you wish transfer his interest in the property to a third party, eg your husband for �1 plus costs of �211.
I take it that you wish to stay in the property and that you can afford to discharge the mortgage.
You should consider carefully what you wish to do about the property, as if you can't afford it and it becomes repossessed or you have to hand the keys back, your losses on the shortfall can be included in the bankruptcy.
This then of course leaves your husband open to the losses on the shortfall, on a joint and several basis which means that he woulod be solely liable.
Steve Thatcher
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