Hi I am considering going bankrupt and have a question. I used to own a house with my ex, I moved out and left all contents, and then divorced. (It's a long, complicated story). He continued to pay the mortgage (he changed it to interests only) and a secured loan. He also started an IVA. When I go bankrupt what will happen to the house? The outstanding mortgage is approx £100k, and the secured loan is approx £40 and the house is worth about £150k
if you are still on the mortgage then you still have a claim against a percentage of the equity. The percentage will depend upon who put the deposit down and who has contributed what amount etc.
His share of the equity is already tied up in the IVA and yours will belong to the OR if you petition for Br.
In reality the equity looks like 10k but in a dropping market it may well be less.
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
Bankrupcy and Secured loan
Posted - 04 April 2011 : 21:36:22
