i am joint owner of a house which is up for sale due to a 3 year marital break up and pending divorce. i rent a house with my partner but the dept is only mine. what effects. would this have with bankruptcy. my share from the eventual sale of the house would not cover the dept owed. thanks for your help.
The rental outgoing would be taken into consideration on your bankruptcy application
before taking the bankruptcy option what % of the debt will be covered by the potential sale of the house, some creditors will accept a negotiated settlement.
Paul I would suggest speaking to one of the experts (tabs to the left) especially about BR petition timing and positioning yourself correctly prior to going BR.
I used Paul Johns and his wonderful team at Reviva, I highly recommend their services
yes it is very scary, i found the fear of the unknown un nerving it caused even greater family household stresses.
you will get through this situation, it may seem dark at the moment, I am 6 months into bankruptcy i feel a lot better about myself and my finances than i did for a long time, yes I have a minor issue with work to resolve but one step at a time.
I have taken confidence and support from the team at Reviva and the postings on this forum.
However do not rush into declaring your self bankrupt take the advcie from the experts and properly plan your steps and actions.
let me know how you get on speaking to some of the experts
i am joint owner of a house which is up for sale
Posted - 24 May 2010 : 09:40:03
