I have outstanding debt of 62,000 that is including a morgage of 43,000. I have had a order to appear in court. I financialy am unable to pay this debt. The morgage is linked with an ex partner who lives in the house that I signed over to her but I got into debt with the morgage of the flat we had too. My ex refused to take her name of the flat so am wondering if all the debt will be attached to her house or does it get split? If considering going bankrupt as have no means to pay this debt. Are there different levels of bankrupcy and what does it involve?
Is there anyone out there who can help address my friends queries? He is a new member and as i am sure we can all appreciate its very daunting taking the first steps to address debt issues.
Would you know if payment protection insurance taken out with the mortgage would cover the difference between mortgage balance and selling price when the property was repossessed? If this was the case then the main issue here would surely be covered by the insurance thus ceasing the need for court action demanding settlement of the account - and that would leave just the unsecured debts left to address?
Dale, hope the experts on the forum and breadth of information available within the discussions provide some answers and peace of mind for you
Are there different levels of bankruptcy ?
Posted - 27 November 2011 : 22:17:15
