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scarborough
Junior Member
172 Posts |
 Posted - 08 August 2008 : 09:49:05
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Hi,
I have recently split up with my wife, we are going through divorce proceedings. We were only married a short time, but managed to run up a joint secured debt of 37,000 (on top of the mortgage which is just in my name) and unsecured joint debt of 6000. My wife also has aroun 9000 in unsercured personal debt. She moved out the home, and refused to pay any money towards the debt. That meant I couldn't afford to survive, so after advice I have filed for bankruptcy and moved out of my home (sending the keys back to the mortgage lender).
When I become bankrupt, does that mean the secured loans (including part of the joint secured loan which now becomes unsecured as most of the sale value of the house will go to the first mortgage company) becoems just my wifes? Won't these companys chase her for the money? Can she declare bankruptcy, even though she has no secured debt, as there is no way she can afford these unsecured debts? What can she do to get out of this situation? Given what she did during the marriage (long story) I don't know why I care about what happens to her, but I can't see her get lynched by these companys no matter what he did to me.
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John
New Member
United Kingdom
73 Posts |
Posted - 08 August 2008 : 10:17:22
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Hi scarborough & welcome to the forum,
your previously joint secured loan, plus your previous joint unsecured loans are now the responsibility of your wife as you have declared BR. The amount outstanding on the secured loan has yet to be determined until the property is sold.
All these, plus her personal borrowings, would all be written off if she also went BR.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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scarborough
Junior Member
172 Posts |
Posted - 08 August 2008 : 14:06:29
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Thanks for the reply John. I thought you couldn't declare yourself bankrupt if you didn't have any secured debt? She also spoke with a solicitor who also said she wasn't eligible for bankruptcy. She seems to be getting mixed advice.
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John
New Member
United Kingdom
73 Posts |
Posted - 08 August 2008 : 16:00:44
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Hi
with £9000 unsecured in her sole name she is able to go BR if she cannot pay, then there will be the shortfall on the secured loan after the property is sold to add to it. Therefore she certainly qualifies.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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What can my wife do to get out of this situation?
