My boyfriend and i have a mortgage of 118k on a property now worth 108k, we are in a dmp, but my boyfriend has been out of work for 8 weeks now - he is self employed and there is a shortage of work. we have this month missed a mortgage payment, he has had to return a leased work van and has been given a 5k bill for breaking the contract early, and now he also cannot pay his wholesalers - another 5k, all this including his debt included in dmp amount to 21k, we have received a letter from solicitors on behalf of wholesales saying they are going to log a bankruptcy tomorrow morning at 10am against him, how will this affect our house as it is joint. what things will they take from us etc.
there are several areas here and you really need to have a conversation with a professional expert.
In terms of the house then Br woudn't effect that at all because you are already in negative equity so there is nothing to loose.
The wholesaler's solicitor may be trying to frighten you but still may send your boyfriend a "statutory demand". This gives you 18 days to respond / file a defence, then after 21 days the wholesaler is allowed to petition for Br. However this process would cost them around £2000 with legal fees.
really recommend you have a chat so you can understand your position and all the options open to you.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
bankruptcy tomorrow morning at 10am
Posted - 29 October 2008 : 19:22:24
