This is my first post but been checking on this site for a while now.
My situation is that I live with an ex-partner as housemates, when we split up we decided it would be financially beneficial for us to try and live as housemates no matter how hard it would be.
The debt started soon after we moved into the property we both consolodated our debts into a secured loan for around £25k to keep monthly payments down. When we split up I became a bit depressed and tried to spend my way to happiness and once I started it was difficult to get my finances into order, now I owe probably and additional £20k+ on unsecured lending, how I spent this much with nothing to show for it I'll never know.
Now we have both decided we want to move on, I'm sinking in debt and there would be no chance I could live on my own under the current pressures and would like to go BR, my ex has her own debt but not sure how much and I know she doesn't want to go BR but I know my actions will suck her in but I can't see another solution and I want to try and do the right thing.
I doubt selling the house would clear all the secured debt and there will still be a balance to pay.
If the house is in negative equity it may actually prove difficult to sell because the second mortgage company may decide not to release their charge.
If this happens then your bankruptcy will still conclude your liability for the house, secured debt and your unsecured debts ( any shortfall from the house will fall into your bankruptcy ).
The problem is that your partner will be liable for all of the shortfall from the mortgage shortfall.
I suspect it is worth discussing the situation with her - it is difficult bit is unfair to continue for you unless she is aware.
BR Quandry
Posted - 08 May 2010 : 12:29:47
