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beth83
Starting Member
United Kingdom
20 Posts |
 Posted - 21 January 2010 : 21:26:44
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| If my husband goes bankrupt how will that affect me and our mortgage?? do i have to declare any of my money? Thanks |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 21 January 2010 : 21:32:09
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hi and welcome to the forum
it depends on any joint debts you have with him amd if there is any equity in the house
with joint debts you would become liable for them and his equity in a house would become the Official Receivers upon BR
if in negative equity you should be able to buy his Benficial Interest in the house back from the OR for £1 plus costs of £210
if there is equity you would have to negotiate with the OR for it
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 21 January 2010 : 21:35:57
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sorry missed a bit
your income would not be affected or touched by the OR but in calculating your husbands income towards an Income Payment Agreement your contributions towards the household bills will be taken into consideration and may mean he will have to pay more
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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beth83
Starting Member
United Kingdom
20 Posts |
Posted - 24 January 2010 : 21:42:22
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Thanks for the information, we have a joint mortgage and one joint secured loan, apart from that all the debts are in hubbys name. Ive read that i might get my half of the equity from the house once they sell it, is this true? but that might only just cover the secure loan so i presume they would just take it back from me for the loan payment?
Thanks |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 January 2010 : 22:49:37
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Hi Beth,
On the house, with the first charge,your husband could go BR and you could buy the BI (equity) for a nominal sum of £1.00 plus the ORs solicitor, TFT in Bristol for £211.00.
It then depends on the value and some other factors, any arrears, can the mortgage be paid after the deed of assignment.
The unsecured debt would be contained in the BR - so that bit would dissapear with the BR
There are other ways to get a good outcome - using the law and some lateral thinking - do not despair.
I suggest that you and/or your partner, speak to one of the insolvency experts on the forum.
You will be helped through a number of scenarios, depeneds what is there - would depend on outcome/solution.
As Dave (Chester) has said, you really need to look at all options - some you will not have thought of initially.
Share your situation and get the advice to get to the next chapter of your lives, good luck and post back as necessary.
I am happy to guide you through your housing issues and come up with some solutions for you - be strong and do not think the worst as there are ways to get to your next situation and be better off and you do not always lose the tings precious to you 
Best regars, Richard Parry (Housing)
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
Edited by - Housing on 24 January 2010 22:55:39 |
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If my husband goes bankrupt
