My wife is considering going bankrupt in the near future. We do have equity in the house, but not enough to clear the debt. We have a flexible mortgage with a cheque book & in the past my wife has taken money from this for her own personal use. I thought that this would be taken into account when calculating her share of the equity in the house, but apparently not as it is shared debt. My question is whether I can also withdraw money from the mortgage account into my own savings account thereby reducing the total equity in house or will my wife have to account for this money if she goes bankrupt?
With equity in the property, you actually have a number of options. Please call the helpline where one of my colleagues will be only too happy to discuss your options with you.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
Can I take money from the mortgage account?
Posted - 23 September 2008 : 11:16:26
