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?
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.
Edited by - gettingoutofdebt on 05 February 2010 15:29:44
what happens if i declare myself bankrupt
Posted - 05 February 2010 : 15:10:30
