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Roberto.p
Starting Member
1 Posts |
 Posted - 24 March 2013 : 09:26:39
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Hi, i wonder if someone here could advice me on what to do.... Unfortunately I'm having no other option but to go bankrupt, my business failed after lot of work and spending all I had plus credit cards and loans. My problem is that we wanted to move abroad to live at my parents in Spain but have a join mortgage with my wife for a flat that we have been trying to sell for a year, finally we have accepted an offer of £94k but we owe the bank £104k (we bought at the peak of the market and took a 35 year mortgage). My wife is in minimum wage and I don't want her to have to pay for all £10k shortfall, in theory she should only pay for her 50% share?? she has already been paying the mortgage herself for the last 2 years! What would be the best way for me to do it to minimize her damage? Should i go bankrupt before the sale or after or what? I don't have the money to pay and she would need to use all savings she got left from her granddad inheritance!! I fell so bad that this is happening because of me, it's not fare to her... What should I do?? Thanks
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 March 2013 : 10:51:15
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Hi and welcome,
Unfortunately it doesn't work like that. You are both liable for any joint debt so if you go bankrupt they will chase her for the whole of any shortfall.
Have a chat with an expert for some free advice. Details can be found under the expert link on the left hand side of the page.
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 March 2013 : 14:24:35
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Hi Roberto
welcome to the forum
alas i went through the same a business failure caused both myself and my wife to go BR. initially we had a bit of a frosty conversation but if the business would have worked my wife would have enjoyed sharing / spending the profits, so we worked together through the situation
if the property is sold you may be able to negotiate with the mortgage provider to lessen the impact on your wife savings.
I do take it that you have taken proper advice from someone practising in the industry about selling the property ?
because on what you have typed I would be questioning the requirement to sell the property.. unless your wife has other debts or is linked into your debts, she will only owe money if you sell the property.. so why sell ? live in it for a year or two put your plans to go to spain on hold for a couple of years.
Good Luck Richard,
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 March 2013 : 15:41:53
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| Have a word with an expert or CAB for some free advice and hopefully you can sort this out and move to Spain sooner rather than later. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 24 March 2013 : 21:22:32
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Hi Roberto,
As other forum members have said, please speak to an expert for advice on all your options and options for your wife too.
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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Hi, i wonder if someone here could advice me on how to minimise wife!s damage
