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 Hello,I am considering bankruptcy due to debts from a previous business
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Starting Member

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Posted - 20 May 2014 :  12:43:29  Show Profile  Visit Sarahdm48's Homepage  Reply with Quote

I am considering bankruptcy due to debts from a previous business. I also own a house with my ex partner, however there is no equity in the property and he will not take on the mortgage himself as he has an IVA I would just like the house to be reposed / sold and cut our losses. If I was to go bankrupt would my name be removed from the mortgage?


United Kingdom
4590 Posts

Posted - 20 May 2014 :  14:56:06  Show Profile  Reply with Quote
I believe you have posted this question on the sister site as well:

If the property is returned and you are bankrupt the shortfall would be included within the bankruptcy. According to our legal advice this would be the case even if the property was returned after the bankruptcy was over as the shortfall would revert back into the original bankruptcy.
- See more at: http://www.iva.co.uk/forum/topic.asp?whichpage=1&TOPIC_ID=65724#551785

Hopefully the reply posted by the expert on there has answered your question.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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forum expert

United Kingdom
2211 Posts

Posted - 20 May 2014 :  19:53:47  Show Profile  Reply with Quote
Hi, as Niobe has said, if the house is repossessed and there is a shortfall, then this can be included in your bankruptcy. It doesn't matter if the house is repossessed after your bankruptcy, as long as you don't sign anything with the mortgage company, the shortfall will still be included in your bankruptcy.

However, your ex will become liable for the full amount owed, so he would need to speak to his insolvency practitioner to see how this can be dealt with in his IVA. It could jeopardise his IVA and he too, might have to look at bankruptcy.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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