Hi. Im currently considering BR after a very messy divorce from my ex-wife. I have custody of my two sons and live in the family home. I'm currently in an IVA trying to pay the bills but I am struggling. My exwife has a charge on the property of 50% of the propertys equity and is demanding that I sell the house and pay her money (she is a witch by the way). I have a £360k mortgage on the property and the house would probably value at arounf £435 in todays market. My question is, if I were to go BR is there a chance I could keep my home (with my kids) and clear the charge and the IVA? I know its a big ask and I'm not trying to cheat anyone but I cannot see any other option. The IVA and charge would take me over the value of the property and disposable income is nil. Any advice on this would be appreciated. Many thanks
I'm sorry you're struggling with your IVA. If there has been a change in your income and expenditure then you need to speak to your Insolvency Practitioner straight away for help. You may be able to reduce your monthly payments.
If you declare bankruptcy, then the Official Receiver who deals with your bankruptcy will want your share of any equity. The bankruptcy will only deal with unsecured debts, not charging orders.
Please speak to your IP and you can also give an expert a call on here for a chat.
Have you got a consent order signed by a judge for the financial aspect of the divorce? If not, I would argue for a larger portion than 50% if you are looking after the children & have all this debt. Also, that a mesher order be put in place so that the money for your ex is only due after the youngest turns 18.
Hi. Im currently considering BR after a very messy divorce
Posted - 15 December 2011 : 20:13:25
