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 bankruptcy after seperation
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jwmc77
Junior Member



United Kingdom
195 Posts

Posted - 08 January 2015 :  20:25:49  Show Profile  Reply with Quote
Hi all, me and my partner have recently seperated but are both presently living in the same house, neither of us can afford to pay the morgage on our own and its doubtful that selling the house will pay off the morgage we also have around 4k of debt between us.
We are looking at br as an option, would we be able to hand the house back without going br?
Are we still able to file for br together?
We are really not sure what our options are but we cant have the house hanging over us for much longer.



MAC

Niobe
Administrator



United Kingdom
4590 Posts

Posted - 08 January 2015 :  20:36:03  Show Profile  Reply with Quote
Hi,

If you hand the house back then you will both be liable for any shortfall from the sale.

As to the other debt then that would be included in a BR. You would have to file separately and pay two lots of fees.

Have a word with an expert as to your options - there might be something else they can suggest to you.

Is it possible that you could rent the house out so that each of you could find a smaller place and not go BR?

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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jwmc77
Junior Member



United Kingdom
195 Posts

Posted - 08 January 2015 :  20:49:12  Show Profile  Reply with Quote
Tbh we both want a clean break and dont want the house hanging over us and are resigned to the fact we will go br,im assuming we would b able to go br with such a small amount of debt?

MAC
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Niobe
Administrator



United Kingdom
4590 Posts

Posted - 08 January 2015 :  20:51:34  Show Profile  Reply with Quote
Yes you can and any shortfall from the house sale would be included.



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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Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 08 January 2015 :  21:02:15  Show Profile  Reply with Quote
Hi, how much is the property worth? How much is outstanding on the mortgage?

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jwmc77
Junior Member



United Kingdom
195 Posts

Posted - 08 January 2015 :  21:17:01  Show Profile  Reply with Quote
Around 110k and it's only worth around 100

MAC
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jwmc77
Junior Member



United Kingdom
195 Posts

Posted - 08 January 2015 :  21:29:10  Show Profile  Reply with Quote
It's an interest only mortgage

MAC
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Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 09 January 2015 :  06:05:41  Show Profile  Reply with Quote
Ok, with your unsecured debt being at the level it is, I would suggest trying to market the property first. If this fails, then you can have the property repossessed, but wait to see what the shortfall is and then consider your options.

I suggest you take advice and chat all this through.

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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