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| vic.fr |
Posted - 10 May 2010 : 21:27:15
Hi, my wife and I have combined debts of around £15000 but we are currently separated and living in seperate accommodation (she's a council tenant and i'm living with parents). She is on benefits and looks after our four children who live with her and I am on a very low income (around £200 per month). We have a house which we both moved out of and is standing empty which is worth £75000 - £80000 of which we owe £45000 therefore leaving free equity. Unfortunately we cannot rent it out as we are around £600 in mortgage arrears and the lender won't let us.
My question is...can my wife claim bankruptcy by herself, in doing so the property will be sold to resolve her half of the debts, then as joint owner, the left over proceeds of the house would be given to me thus giving me the funds to pay off my half of the debts? |
| 3 L A T E S T R E P L I E S (Newest First) |
| Daniel Griffiths |
Posted - 11 May 2010 : 11:44:43
Hi Vic
I would forget about bankruptcy, you are not insolvent anyway, you have the assett to stop this and get your debts paid off. I would not risk the house being repossessed. if you get on the register for repossession you will possibly not be able to buy again, get an estate agent in with fire in his belly, and tell him/her you want it sold cheque in the bank in two months and ask him what you would achieve. With cash in the bank after the sale a full and final settlement with creditors will sort this small problem for good and still leave you both with some creditworthiness. |
| Reviva UK |
Posted - 10 May 2010 : 22:03:20
Hi
if the house does become reposessed then it is quite possible that it may only sell for 45 - 50k in due course.
this would leave you in potentially a poor position although your ex will be debt free you may still have a problem
as the arrears are still only £600 all is not lost. I would recommend that you take advantage of a free phone call with one of the forum experts to understand all your options and get a plan together to make sure you both become debt free and can move on.
Is the house up for sale at present?
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| debtinfo |
Posted - 10 May 2010 : 22:00:46
possibly, but there are alot of fees involved that way and for only £15,000 of debt it would be a shame to get a bankruptcy on the record, could you not sell the property, even slightly at undervalue for a quick sale and asily pay all your debts off |
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