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linda.h
Junior Member
170 Posts |
 Posted - 26 June 2008 : 14:45:02
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if i go into voluntary bankruptcy is my husband liable for my debts if we are not living together but not legally seperated or divorced. We have both names on a mortgage for a house we used to live in but i now live in a council property and am still paying the mortgage myself but have debts of £35000 and cant cope any more. We have 4 children
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hammy0107
Junior Member
399 Posts |
Posted - 26 June 2008 : 16:26:58
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linda.h,
Welcome to the forum.
Your husband will not be liable for your unsecured debts if you go BR. You mention you pay a mortgage on a house you no longer live in. I may be wrong but if there is equity in this property your interest will form part of your BR estate. Have you considered an IVA as an alternative? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 26 June 2008 : 18:19:49
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Hi there
couple of things you need to check.
Are there any JOINT DEBTS such as loans or bank accounts or overdrafts? If you went Br your ex would be wholly liable for these.
Secondly the official receiver will have an issue with you paying rent and a mortgage contribution, and would certainly be interested in any claim you may have on the house or equity held within the house.
Strongly suggest you have an informal conversation with one of the experts here on the forum to go through the case.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 26 June 2008 : 23:00:30
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Are you receiving any income from the property you are currently paying the mortgage for, and is there any equity?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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smarky
Junior Member
173 Posts |
Posted - 27 June 2008 : 00:34:20
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| why not sell your share in the house and pay off your debts, i think thats better than going bankrupt! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 27 June 2008 : 13:43:06
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Hi Linda,
It certainly appears that BR is a viable option for you. Is the property likely to be repossessed? If so, wait until after reposession before going BR, then any shortfall in monies received from the forced sale will be included and written off in your BR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Porcorosso
Junior Member
United Kingdom
235 Posts |
Posted - 27 June 2008 : 14:23:39
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Hi Julian, sorry to 'steal' this thread, but could you elaborate on your last comment. My house has fallen in value so that to sell it there is no equity left. I am planning to get into rented accomodation before my BR which is set for the 14 August. I haven't started filling in SOA but I thought if I put the mortgage and arrears on both secured and unsecured I have covered myself. Is this not correct? If an auction sale was to occur how do I ensure that I am not liable for any shortfall in monies. There is also a secured loan on the property. My apologies for any rambling but i am finding it almost impossible to think clearly and show any logic at all.
The ostrich has taken his head out of the sand. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 30 June 2008 : 00:49:57
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Any shortfall will be captured under the bankruptcy proceedings.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 July 2008 : 15:53:00
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Hi Porcorosso,
Just ensure you list all of your secured debt in the unsecured section as well, and make the OR aware of a possible shortfall. This way, it will be included and written off in your BR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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cant cope any more
