Hi Everyone 4 years ago I moved to another area of the country. I took a 8k cut in salary(my move was due to a 17 yr relationship break up)I could beofre i moved pay my credit cards with ease but gradually over the last 4 years I have had to use my credit card to pay bils and I am just getting further and further into debt and at my witts end. I now owe 17k on credit cards.
The only way I can see out of this situation is to declare myself bankrupt, the problem I have is that 6 years ago I bought a 10% share in my Mums property to release some equity for her. This 10% is probably worth 15k now. My Mum is 76 and obviously I do not want her to be forced to sell.. Do I have to declare my interest in the property.
In a bankruptcy situation, ALL assets have to be disclosed. It is unlikely that your mother will have to sell the house although the OR will want your share in the property.
In order to make sure that the property is not put in jeopardy, you could enter a Debt Management Plan and pay the creditors back in instalments based on what you can afford.
All the best
John Blackadder Bankruptcy365
For the most effective way to a debt free future, please go to www.bankruptcy365.co.uk or alternatively telephone 0800 298 0253.
Bankruptcy and share in house
Posted - 11 May 2011 : 17:11:33
