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Anthony.wn
Starting Member
4 Posts |
 Posted - 12 August 2011 : 21:25:09
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| My Brother and I are joint owners of the house I reside in, If I were to declare bankruptcy how would this be dealt with bearing in mind also that there is less total equity than my borrowings. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 12 August 2011 : 21:56:50
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Hi Anthony, welcome to the forum.
The OR will value your home again 2 years and 3 months after your bankruptcy. If there is any equity then, they would only be interested in your share of it.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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debtinfo
forum expert
2826 Posts |
Posted - 12 August 2011 : 23:16:13
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quote:
Originally posted by Anthony.wn
there is less total equity than my borrowings.
this is a slightly odd turn of phrase, please can you clarify do you mean
a) that the value of the property is less than the secured lendings (mortgage, secured loans, charging orders etc)
or
b)The property is worth more than the secured lendings but the equity on top of that is less than your unsecured debts (unsecured loans, credit cards, overdrafts etc) |
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Anthony.wn
Starting Member
4 Posts |
Posted - 13 August 2011 : 10:07:07
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Thanks, and apologies for confusion, firstly there are only unsecured borrowings in my case. However the equity in the house ie. value of house minus the mortgage is less than those unsecured borrowings. I hope this clarifies things.
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debtinfo
forum expert
2826 Posts |
Posted - 13 August 2011 : 10:17:49
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| ok then, roughly how much equity is there in the property and is there and financial reason why it should not be split 50:50 with your brother |
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Anthony.wn
Starting Member
4 Posts |
Posted - 13 August 2011 : 11:21:15
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There is about 15000 equity with over 20000 owed to creditors. I live in the house, my brother lives in France. It is therefore important that I hold on to the house as there is no way I could ever afford to get back on the property market, I am 62 years of age.
The borrowings are mine with no liability falling on my Brother. I am a lorry driver with work thin on the ground so having to take agency work to keep mortgage debt free and cover bare living costs with no other income or assets to pay other debts
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debtinfo
forum expert
2826 Posts |
Posted - 13 August 2011 : 11:37:27
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| would your brother be able to buy your half of the equity from the official receiver |
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Anthony.wn
Starting Member
4 Posts |
Posted - 13 August 2011 : 12:32:46
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Unfortunately not, he is renting in France with an unfinished project underway and I already owe him several thousand, running out of options!
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How would joint ownership of house be dealt with in bankruptcy?
