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hervinder
Starting Member
1 Posts |
 Posted - 23 October 2013 : 17:32:43
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I currently have debts of around £60,000 which are spread across many credits cards and two bank loans. I'm currently just about able to make the minimum payments as the credit card balances are all on 0% interest which will expire next year on all cards, at which point I will not be able to meet the repayments as the interest will be very high.
I have a property which has around £300,000 equity which is jointly owned with my ex wife and she currently resides at this property, there have been no financial orders made since separation. I also own a car valued at around £4,000
If I declare myself bankrupt I want to know what happens to my property.
If the property is seized and subsequently sold will the proceeds be split 50/50 with my ex wife?
Assuming this is the case, my share would be around £150,000 which would be used to repay my debts. There would be a significant amount of money left over after the debts are repaid, would I lose this amount?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 23 October 2013 : 17:51:14
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Hi and welcome to the forum.
I would suggest that you speak to an expert about this as your house and car are likely to be lost to bankruptcy.
Is there any chance you could sell the house now and pay your debts off without resorting to bankruptcy?
Please get some free advice as there may be other solutions out there for you.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 23 October 2013 : 19:21:46
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Hi hervinder,
Based on what you've posted, you are not insolvent so you wouldn't be able to declare bankruptcy.
A debt management plan may be your best option, I suggest you chat everything through with an expert.
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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Which way do i go??
