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BALDY1970
Starting Member
United Kingdom
6 Posts |
 Posted - 10 February 2010 : 19:09:22
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well where do i start i split up with my wife about 3 years ago but it has been very amicable i left the house with her and the children stayed with her,i continued to pay the mortgage and help out even though my wages were cut last year she works and gets working tax credits,the house is still in joint names,i have been staying at friends house for this period,my wife and i thinking of getting back together unfortunately i have got myself in £22.000 pounds worth of dedt and cant afford to keep my family and crditors payed,i am thinking of going bankrupt to ease this problem,i am worried we will be left out on the street if i do so,i would do anything to get back together but i am worried i will get more into debt if i dont do something to ease my worries,will they take everthing in the house to sell off
many thanks |
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RHB
Senior Member
1159 Posts |
Posted - 11 February 2010 : 07:10:42
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| If there is equity in the house then yes, they would want to sell it. |
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David F
New Member
United Kingdom
58 Posts |
Posted - 11 February 2010 : 10:15:06
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Hi & welcome to the forum,
All of your unsecured debts would be cleared by BR so long as they are in your name ONLY. If you have any joint debts with your wife, these creditors would be able to pursue your wife for 100% of the debt once you had gone BR.
With regards to the house, the key point is equity. The OR is only interested in realising your assets for the benefit of your creditors. If there is any equity(£1,000+) in the house then this would have to go into your BR.......However, if the mortgage is joint with your wife then you would only be liable for 50% of the equity. If there is no equity (negative equity)then you can buy this back from the OR. This is called buying the beneficial interest.
The OR will not be interested in your household possessions IE. furniture, clothing etc. but would be interested in any car you may have that is valued at over £2,000.
BR is quite a complicated and serious procedure and one that should not be entered in to unless you have taken advice and fully understand ALL your options.
I would strongly recommend you speak to the following companies as their advice is FREE! Speaking from personal experience,they have helped me prepare for my BR and both come highly recommended from other posters on this forum:
Paul Johns at Reviva UK
www.revivauk.com
Melanie Nicholas at IVA Advice Bureau
www.melanienicholas@jonesgiles.co.uk" target="_blank">www.melanienicholas@jonesgiles.co.uk
Good Luck and let us know how you get on.
David |
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well where do i start i split up with my wife
