Hi, 2 1/2 years i entered into an IVA totalling about £42k, my wife has had an affair so im getting divorced. we jointly own a property with about £50k neg equity NRAM have taken control of this property and increased the arrears from £3k to £10k in 2 years. We own another property that i live in and have my children 2-3 nights a week. I have valuations done on that property and it is also in neg equity of about £10k. i also have my own ltd company with accounts due (tax will be about £5k) and tax arrears of £4k and Vat arrears or £3k. I cant afford to keep living this way and i am carry ing all of the debt as my soon to be ex wife refuses to pay for anything. if i declare bankrupt will i be able to keep the home i live in? it has no equity to be raised. I have no valuable assets, i dont own my own car, no antiques, no expensive jewlery (my wife took her diamonds). Basically between the 2 of us we have debts of about £100k. all i really want to know is can ui keep my house and declare Bankrupt?
Your home is always at risk when you declare bankruptcy.
If your home is in negative equity, then you can make an offer to the official receiver to buy back the beneficial interest. They may or may not accept, in which case they will value the house again in 2 years and 3 months and deal with it then.
I really suggest you speak to an expert regarding your situation as you need to know exactly how bankruptcy is going to affect you.
Can I keep my house and declare bankruptcy ?
Posted - 17 January 2012 : 14:36:18
