I entered into a mortgage with my brother for a Spanish mortgage 3 years ago, he was living in the apartment and was going to continue to do so and pay the mortgage, I just did him a favour as he couldnt get the mortgage on his own. He hasnt paid any of the mortgage, I have paid all the installments.He has now disappeared somewhere in Spain and I have had no contact with him for over 18 mths. I am not able to keep up the repayments and the account is in arrears, the bank has told me to stop paying as it is now with their legal dept. It is a German bank in Spain. I am 58years old in full time employment. I have no assets except a 10year old car and the usual household items, I live in a rented property in London. I have researched bankruptcy and spoken to some advisors but I'm still not sure if I should go ahead. My questions are: Should I go bankrupt now or wait for the property to be repossesed, my reasons for doing it now are so that it is all over and done with before I retire in a few years time. Can I be sure that the mortgage debt will be covered by the bankruptcy, apart from this I have other debts that total about £10,000. Can I be sure that my occupational pension will not be classed as an asset, I work for the NHS. I have other questions but I will ask them later if thats ok
I entered a spanish mortgage 3 years ago
Posted - 25 January 2011 : 19:12:22
