My daughter split from her husband two years ago and they are now divorced. She is living in rented accomodation and is on minimum wage. He still lives in their jointly owned property and is paying Northern Rock interest only on the mortgage and secured loan. He is delaying on selling the property which has negative equity. My daughter is worried that the longer this goes on the more she wil owe as house prices are still dropping. They could jointly owe at least £30000 if and when the house is sold. Would she be able to declare bankruptcy now and force the sale of the house? Or will she have to wait until he chooses to sell or the house is repossessed because he can no longer afford the interest payments. Thanks for your help Debbie.
Does your daughter have any other unsecured debts that she is struggling with? If so how much?
She couldn't declare bankruptcy for just the secured debts, but once the house is either sold or repossessed and she is chased for a shortfall, then she can look at her options then.
Declaring bankruptcy and forcing sale of house
Posted - 19 October 2011 : 16:35:52
