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Dan.Wy
Starting Member
2 Posts |
 Posted - 18 December 2009 : 06:23:02
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| I have been married for 2 years and moved into my wifes home, We remortgaged together 2 years ago, if I personally declare bankruptcy will the house be seen as my asset although it was essentially given to me? |
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RHB
Senior Member
1159 Posts |
Posted - 18 December 2009 : 07:12:11
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| Is there equity in the property? Do you pay towards the mortgage? |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 18 December 2009 : 08:18:02
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Hi and welcome to the Forum.
Is the house in your sole name?
Are there arrears on the mortgage or any loan against it?
Is there any equity?
I am sure others will ask a few more questions and I may be able to gibe a more dfetailed answer iof you can tell me about the above. Good luck, Richard
"There are no problems - only solutions..." |
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Dan.Wy
Starting Member
2 Posts |
Posted - 19 December 2009 : 21:39:21
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Hi,
Thanks for the replies
The house was in my wifes sole name and then i was added when we remortgaged together after getting married, so we are both on the deed,
There is quite alot of equity in the house,
our mortgage is 82000
secured loan 28000
mortgage overdraft 15000
total 125000
the house is worth at present about 275000
the secured debt is not the problem i have it is unsecured debt in my name, that from being self employed has totaled about 49000
there are many factors that have contributed children, baby, wifes redundancy, 50% drop in earnings for me in the last 18 months etc etc
I covered debt with other debt and so on and so on, and here i am,
I pay towards the mortgage only through a joint account that we both have, our bills are paid 50% working tax credits, child benefit and the rest made up from earnings,
we currently lose approx £800 a month in terms of in-comings to out-goings.
There are no arrears on any debts as i have been doing anything legal to make cash, but am finding myself continually stressed with life having to constantly cover the debt,
I don't want to put my wife in the position where she either needs to sell what is technically her house or lose it because of unsecured debt in my name, as the house is really not mine to lose!
we also have an undecided retrospective planning application that would stop us selling the house, it has been contested and is now running into 10 months and still no decision!
Any help would be greatly received
Dan
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RHB
Senior Member
1159 Posts |
Posted - 20 December 2009 : 08:59:26
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| If you have remortgages & are paying towards the house then yes, you do have a share in the equity although arguments could be made that it wouldn't be 50%. Did you live together before marriage? |
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debtinfo
forum expert
2826 Posts |
Posted - 20 December 2009 : 09:19:15
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| The OR will take the automatic position that you have a 50% share first of all. The onus in then on you to show that you dont, which you seem to have a very good case for. would concentrate on showing what the position was just before you got added |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 20 December 2009 : 10:41:45
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Hi
I agree with debtinfo
Come back as necessary and I am sure the forum will be able to assist you. Richard
"There are no problems - only solutions..." |
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will the house be seen as my asset
