Hi, This is a complicated one. I separated (cant afford a divorce!) from my husband four years ago. I had debts from then which I am struggling to pay as a single mother working part time. I owe around £20,000 in a mixture of loans, overdrafts, store cards ect. £16,000 is a joint loan but he has left the country and I am liable. I own a house which is part mortgaged and has a second charge on it which went into house as a trust fund. I am never going to be able to clear these debts even if I sell the house as the value has dropped so much there would be very little left, but if I were to go bankrupt, would the trust be safe or would it go towards the debts if the house was forced to be sold??? Nobody else seems to be able to give me a straight answer. The trust is tied up as second charge and reverts to trustees if I sell, that much I know.
Hi, This is a complicated one.
Posted - 28 July 2011 : 22:03:49
