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| carla.tk |
Posted - 11 November 2009 : 12:38:45
Hi, I wondered if anyone can help. My husband has just left me and we have had to surrender our owned property to the building society and I am now living in rented accomadtion. Due to level of our debts both joint and sole my husband has been advised by the CAB to file for bankruptcy. Can anyone advise the implications of this, is he file and I don't will that affect me? Will I lose my car which I need for work valued at just under 3k, I'm so confused and would apprecaite any help and guidance. |
| 6 L A T E S T R E P L I E S (Newest First) |
| ONK |
Posted - 11 November 2009 : 19:13:50
Hi , I would highly reccomend Paul from Reviva.He has been in NEwcastlewith me today when I was made BR and he has been fantastic. |
| Richard P |
Posted - 11 November 2009 : 14:55:12
Hi Carla
well done for taking control and the initiative.
do not rush into BR but make certain that you have all the dotts and dashes in the right order
can i suggest speaking to paul @ reviva he helped my wife and I an enormous amount give hime an email
regards Richard |
| carla.tk |
Posted - 11 November 2009 : 14:02:02
Hi Jane,
Thank you so much for your reponse, the information you have provided is really helpful and puts my mind at rest in terms of being able to sort a solution now (should I go down the BR) rather than having to wait and causing more stress. I do think perhaps BR is going to be the best option because like you, I know there is going to be a significant shortfall in the mortgage and secured loan and BR does seem like the most sensible option.I hope your situation is sorting out now. Carla |
| Jane.l |
Posted - 11 November 2009 : 13:31:53
You do not need to wait for the house to sell before you go bankrupt. We went bankrupt as we could not afford the mortgage and secured loan we had and we tried to sell the house but could not with negative equity. We moved into rented accomodation and then went bankrupt. I thought the shortfall would be about £35,000 but now the house has sold, it is about £70,000!  Plus we had a credit card and 2 loans, one in my sole name, the rest in joint names.
We were advised by CAB to wait but after seeking advice on here and other forums, this is not the case, as long as the mortgage pre-dates the bankruptcy and you have either handed the house back or repossession proceedings have been started, it does not matter when the house sells, or how much the costs and shortfall is, it will all be included in your bankruptcy.
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| carla.tk |
Posted - 11 November 2009 : 13:23:07
Hi Richard,
Thank you for your message. Firstly, my husband has left me for another woman and I think the route of bankcruptcy whilst possibly a sensible one is more about him "getting free". Our joints debts are very high, as my husband has left and I cna't afford to stay in the home on my own we've had to volunatrily surrender the property and as we are in high negative equity I anticipate us each being left with about £50k worth of debt and then of course there is sole name debt which probably amounts to another £20k each..... total nightmare really.
My husband is refusing to discuss things with me and finds burying his head in the sand the better option but I am keen to move forward and not have the stress of being chased for money on top of everything else. The house is not yet sold and I guess neither of us can do anything until that happens and we know for sure the extent of the debt but I guess for now I just wanted to gain some understanding of the impact of BR. Will I need to change my bank account, can I keep the car, what happens to other possessions (not that I have a lot of high value items), will I need to tell my landlord and employer etc.. god, the list of questions is fairly endless!!!! Thank you for your advice, I really appreciate your prompt reponse and I hope to look back on this time and think things were not as bad as they fell right now.
Thanks again, Carla
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| Richard P |
Posted - 11 November 2009 : 13:01:45
Hi Carla
welcome to the forum
what a confusing and difficult situation for you. my thoughts are with you
as a person who has had to go through BR, their are lots of questions that need to be covered before any one can give suggestions.
i think the first relates to the debts, in that how many of the debts are in joint names ?
unfortuantly if the debts are in both names and ex applies for BR, it is likely that the creditors will chase you.
the car is normally a 2K ceiling but you would have to show need, under exceptional circumstances they will raise the bar
your income may dictate if BR or other options are appropriate.
no doubt with the small text that you have so far entered you will have hundreds of questions, if i can suggest anything it would be to prepare a full version of your pesonal sitaution and then speak to one of the experts (perhaps email them an account).
Yes my wife and I had very high volume discussions that has / continues to put immense stress on our relationship
i would hope that you and hubby could then address debt issues with one of the experts, once the debt pressure has been looked at, help can be obtained for your relationship (if thats what you want !)
with you moving home it may bring a rest from all of the letters
you will find on this site lots of people wanting to give you support and guidance
good luck on the journey ahead
regards Richard P |
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