my partner is bankrupt, we jointly own a property which is rented. They tell us they want half the rental income for my partners creditors but will not consider our mortgage payments when calculating half the rent. This will cause us to be unable to pay the mortgage - surely this cant be right, also can they stop us selling the property?
I don't know the answer but wanted to make you feel at home.
One of the experts will be along to advise.
Ascend may you find no resistance Know that you made such a difference All you leave behind will live to the end The cycle of suffering goes on But memories of you stay strong Someday I too will fly and find you again
The OR will claim half the rent that is payable as you jointly own the property. The OR will not pay any of the mortgage, or allow any of it for your calculations.
If you were the sole owner, you would have to pay all the mortgage, and hand over all of the rent.
Is there equity in your rental property?
-------------- Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated. Professional advice should always be sought.
my partner is bankrupt, we jointly own a property
Posted - 03 August 2012 : 17:07:12
