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Anthony.ms
Starting Member
7 Posts |
 Posted - 04 March 2011 : 14:23:33
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Hi, new to the forum and looking for advice following a friends recomendation.
Situation is as follows:
I have seperated from my wife with no chance of getting back together. We have a house in joint names worth approx £180k. The mortgage is £169k outstanding and we also have a secured loan of £52k on top of the mortgage putting secured debt at approax £220k, leaving us £40k short. I also have unsecured debts of approx 40k with 7 companies. My ex does not wish to go bankrupt, but I see that I have no option as I will need to move out of the property and cannot afford to service the debt whilst supporting myself and my 3 kids (from a previous marriage) that I have to pay the CSA for.
I earn around £2600 pm, and by the time I have paid the CSA, Rent and utilities, with living expenses I dont think I will have more than around £150 pm as disposable income. Is bankruptcy my best option ?
Also, in terms of the house we jointly "own" my ex has suggested that she would take the property on in a single name as well as the secured loan and maintain the payments, she too earns around £2600 pm, so could just about afford to keep the house in a sole basis. is me transferring the house to her legal and allowable if I am going to declare myself bankrupt.
Quite complex I know so any advice appreciated. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 04 March 2011 : 19:16:49
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Hi anthony
the whole BR process can be quite complex but their are many people who can help direct you
couple of hints
any joints debts if one of the partners petitions for BR the other will be responsible for whole.
I dont think that with just £150 left over you would qualify for IVA.
A debt management plan may be appropiate but how you going to clear the debt
as a BR you would not be able to be company director.
your ex would be allowed to purchase the interest in teh house.
This really needs to be combined properly, then presented in the correct clear manner and i would recomend speaking to one of the experts.
Richard
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 04 March 2011 : 20:24:23
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Hi anthony
I think this question has twoi threads (very easy to do) to save confusion might be best if all posts on other thread with same heading
Richard
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 05 March 2011 : 08:39:54
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In view of the fact that this is a duplicate and to avoid confusion I'm locking this one.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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| bankruptcyhelp.org.uk Forum |
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Hi, new to the forum and looking for advice
Topic Locked
