Mortgage in my husbands sole name. All my debt is in my sole name. If I go BR will the house which we live in together be a risk. Little to no equity in house.
It is only the debt of the person declaring BR that is written off so if the mortgage is in your husband's name then this won't be affected and you will continue to pay the mortgage as normal.
Edited by - gettingoutofdebt on 09 May 2009 09:56:59
if you write off unsecured debts in your sole name in bankruptcy it does not automatically follow that the property is not at risk based on your husband being registered as the sole owner.
If the trustee were to establish that there is equity in the property then he would investigate the possibility that you have a proprietary interest in it. Such an investigation could be proven pointless if you can demonstrate to the trustee at the outset that there is, in fact, no equity.
To do this you would need to submit an up to date valuation of the property together with a mortgage statement obtained by your husband.
For your own peace of mind pre bankruptcy I would obtain these figures at your earliest convenience.
the Official Receiver may decide that there is a claim on the matramonial home, even though you are not phsically on the paperwork .
This is in the same way as if you were divorcing. Your socilitor would lodge a claim against the poroperty as you will have contributed in some manner or other.
Thanks for that So if they were to go for the house,would his secured loan and any morgage redemption, be taken off the equity figure. Plus they would only get half of the equity anyway?
thinking bout bankruptcy
Posted - 08 May 2009 : 19:04:13
