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Laura.mc
Starting Member
3 Posts |
 Posted - 11 April 2012 : 12:38:06
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I can't afford to live in the property i own jontly with my ex partner, if I declare myself bankrupt will my ex partner have to also as he is on the mortgage but doesn't contribute to anything ?
Thnaks |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 11 April 2012 : 16:05:29
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Hi Laura,
Is there any equity in the property?
If there is a shortfall from the repossession, then your ex will be chased for the full amount, so he will need to take debt advice regarding his situation.
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 |
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James Falla
forum expert
45 Posts |
Posted - 11 April 2012 : 18:46:14
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Hello Laura
Declaring yourself bankrupt will not in itself resolve the problem with your property. A mortgage or secured loan is a secured debt and is therefore not included in the bankruptcy process.
If you have decided that you can no longer afford your mortgage payments the first thing you should do is discuss it with your mortgage lender. They may be able to reduce your payments by changing you onto an interest only mortgage or extending the term of your mortgage to make it cheaper. If this is a dead end, then have you considered a debt management solution for your other debts to reduce these payments and thus free up cash to allow you to pay your mortgage?
If all else fails and you are facing mortagage arrears and possible repossession, then you could allow your property to be repossessed. Both you and your husband (if he was also named on the mortgage) would be liable for any shortfall on the mortgage after the mortgage company sells the property. As such if the shortfall is large you might both need to consider bankruptcy at that stage.
Debt solutions expert and author.
If you would like further help or guidance visit www.beatmydebt.com
Alternatively I can be contacted via e-mail: james@beatmydebt.com |
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Laura.mc
Starting Member
3 Posts |
Posted - 13 April 2012 : 09:17:14
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Hi Viki,
Thanks for your reply, no there is no equity in the property, my flat is valued at £80,000 max & outstanding on the mortgage is £106,000.
I have no other outstanding debt
The reason I am thinking of bankruptcy is because I can't see any other way out, I can afford to seel my home as I would still be in debt & I am struggling every month with mortgatge and bills.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 April 2012 : 09:39:19
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Hi Laura,
If you have no other debt, then that property would need to be repossessed and sold before you look at a debt solution.
Please speak to an expert to chat all of this through.
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 |
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I can't afford to live in the property i own jontly with ex partner
