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martinst
Junior Member
139 Posts |
 Posted - 08 September 2008 : 17:32:22
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| I am confused. I have a joint mortage with my wife.The house is valued around £150,000. We have a morgage of £47,000 and a secured loan of £53,600. If i go bankrupt is my partner allowed to buy out my share, and how much would this roughly cost ? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 17:38:31
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hi and welcome,
The OR would say maybe BI of half of the equity whic at the amounts you have given look like £25kish.
I would say yes that would be ok and the OR would give you the options once BR, if im worng i dare say someone will correct me.
Good luck and keep on posting, remember your not alone and we are here to help.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 September 2008 : 17:40:48
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Hi Martinst and welcome to the forum.
Your beneficial interest needs to be realised for the benefit of your creditors which would mean a remortgage for you to release 50% of the remaining equity. To compound matters further, as your assets exceed £10k, the OR will appoint a private sector trustee to oversee this and their fees usually start at £25k.
Given the amount of equity you have, I would suggest speaking to one of my colleagues on the helpline who should be able to advise you further.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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If i go bankrupt is my partner allowed to buy out my share
