Can i be declared Bankrupt if i have a joint secured loan which was secured on my house, i know longer have the house as myself and my ex wife handed the keys back to the Building Society, the Mortgage and secured loan was in both our names.
In a word, yes. The secured loan is now technically an unsecured loan, as there is no longer a property for it to be secured on.
I would suggest you take advice on your situation to be sure BR is the right option for you, but as far as the loan is concerned, it would be no problem.
depending upon what the house eventually sold for and the associated costs will depend on what level of negative equity there is on the 1st & 2nd mortgage.
Once the house has sold this becomes unsecured debt and you can / will be pursued in the normal ways for this. One slight difference is that they have 12 years to pursue you so in order to get on with your life I would recommend you seek professional advice and look at all the options.
Once you know what the debt is then you can sensibly review Debt Management, IVA or Bankruptcy as an option.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
Can i be declared Bankrupt ?
Posted - 04 November 2008 : 16:12:51
