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T O P I C R E V I E W
anna.ma
Posted - 05 February 2010 : 15:10:30 what happens if i declare myself bankrupt and i have jointly owned house with my ex partner which i am no longer living at but stil paying half the mortgage, what would happen to the house?
2 L A T E S T R E P L I E S (Newest First)
Housing
Posted - 05 February 2010 : 16:26:33 Hi,
Welcome to the forum.
As gettingoutofdebt has said, it depends if there is any equity in the property.
Post back and someone on the forum will be able to guide you.
Have you consulted an insolvency expert as yet - if not, there are very good insolvency experts that post here on the left hand side of the site
Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!)
gettingoutofdebt
Posted - 05 February 2010 : 15:28:46 Any joint debts will defer to the non-BR party so your ex-partner would be liable for the full mortgage repayment.
If the house has equity then the OR would want to release your 50% of it. Your ex-partner would need to pay this amount. If he couldn't afford it then, in a worst case scenario, the OR could force him to sell the property in order to get your part of the equity.
If the house is in negative equity then the OR would not have any interest in the property.
