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bankruptcy postbag for may

what happens to mortgage when only 1 of you go BK

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JemJem
Junior Member

174 Posts

Posted - 19 May 2008 : 15:54:06

I have very little equity. I am going to declare myself BK next week. My wifes family have agreed to buy out my equity form the OR so should not lose the house.

What happens to the mortgage? assume as long as it is being paid as agreed we should be ok??

we have no other debts with our mortgage lender

advbise would be appreciated

Helpful Advice
Average Member

United Kingdom
646 Posts

Posted - 19 May 2008 : 19:54:36

Hi Jemjem,

Although your beneficial interest will be sold you will still be liable joint and severally with your wife for the mortgage.

As long as you maintain payments with your mortgage company you will have no problem as secured debts are excluded from Bankruptcy.

Kind Regards,

Brett England

Bankruptcy Specialist

England,Jackman & Spacey

WebSite www.ejands.co.uk

View my personal story & blogs at:

http://brettengland.blogs.bankruptcyhelp.org.uk/

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