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T O P I C R E V I E W
adg102
Posted - 06 July 2009 : 23:18:41 MY HUSBAND WENT BANKRUPT IN FEB09, THE HOUSE IS MORGAGED, HAS NEG EQUITY AND IS IN HIS NAME, I AM A FULL TIME STUDENT AND OWE APPROX £16000 IN UNSECURED DEBTS IN MY NAME WHICH I'M FINDING IMMPOSSIBLE TO PAY. COULD I GO BANKRUPT ALSO? WHAT IMPLICATIONS WOULD THIS HAVE ON OUR HOME?
3 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 07 July 2009 : 13:47:43 The property is only in the husband's name so a DRO should be possible if you fulfil the other criteria and can reduce the debt by £1k:
"THE HOUSE IS MORTGAGED, HAS NEG EQUITY AND IS IN HIS NAME"
Niobe
Posted - 07 July 2009 : 10:47:26 I don't think you can do a DRO if you own a property.
The glimmer gets brighter all the time
Jan xx
gettingoutofdebt
Posted - 07 July 2009 : 07:09:19 If you could reduce your debts to £15k then a DRO (Debt Relief Order) would be much better than declaring BR. More information regarding DROs is available from the CAB.
Did your husband buy the beneficial interest back in the property? If so then everything would continue as normal and you would be able to keep the house provided you kept up the mortgage repayments.
