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| kevin |
Posted - 31 December 2009 : 18:34:42
Hi, I nolonger have any work, iam self employed, my house wont sell and i can nolonger make any payments come feb unless i borrow off friends and family. I am considering bankrupcy. however my wife (seperated but not yer divorsed) lives and works in France, the house is on both our names and she has credit card debt here in the UK, how will my bankrupcy affect her as the house and her card debt will still be associated with her i guess. certainly the card debt.
your advice would be appreciated.
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| 3 L A T E S T R E P L I E S (Newest First) |
| kevin |
Posted - 31 December 2009 : 22:15:22
Hi, thanks to both of you for the replys,
yer there is plenty of equity in the house, if the house sold as per the price it is up for then all debts of both of is would be cleared with sapre, i already lowered the price to below the stamp duty thresh so 30k less than the agents suggested to put it up for.
As for the joint ownership and my ex-wifes debt on cards, how would this be affected due to her living in another country with no intention to return to the UK (she is not a uk national)if anyone has come accros this before, she earns enough to live, only just in Paris by the time she pais her rent there is enough for food and a small amount left over but not enough to maintain her minimum payments and definatly not the house payments.
Thanks again.
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| debtinfo |
Posted - 31 December 2009 : 18:47:25
hi kevin, do you have any equity in the property, this is the ain thing that can cause problems, also are any of the debts joint |
| Melanie.n |
Posted - 31 December 2009 : 18:46:31
Sorry to hear of your situation, in answer to your queries - If you file for bankruptcy it will deal with your personal debt - all debt in your name, your wife would not be affected by your bankruptcy with regard to your sole debts. However, with regard to your house, if the mortgage is in joint names your 'share of any debt/shortfall would fall into the bankruptcy but your wife would still be liable for the whole amount of any joint debt. For example if the property was repossessed and there was a shortfall of £20k the £20k would be included in your bankruptcy thus relieving you of your debt. Your wife would also be liable for the whole of the £20k shortfall and the mortgagee would pursue her for that amount. (Contrary to popular belief the debt is not split 50/50)
In the first instance if there was no equity available in the property and your ex-wife was able to maintain the mortgage she would be able to 'buy out' the official receivers interest (your former interest) for £1 plus £211 costs. But she would have to be able to maintain the mortgage ongoing. If this was not possible she may have to face the prospect of also filing for bankruptcy or take steps to repay and shortfall on the joint debt.
Hope this helps
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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