Hi, I'm after a little advice on bankruptcy. My husband and I have a joint mortgage on our home (currently in neg equity). We have a number of unsecured loans, all of which are in my husbands name only. My husband wants to declare himself bankrupt although we are unsure whether we will be forced to sell our family home. My husband has suggested signing the house over to me therefore only having my name on the mortgage,although I'm not so sure it would be as straight forward as that,as I am a full time mother and have no income. Is there a way to avoid my name only on the mortgage? Kind Regards JK
Please don't transfer the house like that prior to br as the Official Receiver may see that as an attempt to hide assets.
If the house is in negative equity then in the event your husnband goes br the unsecured loans are taken care of in the Br and the mortgage - assuming it is affordabe - would remain.
In Br hubby would then be asked if you wouldlike to buy the Beneficial Interest ( even though in negative equity ) this would be around £212 ad should conclude about 4 - 5 months after petitioning for br.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
will we be forced to sell our family home?
Posted - 23 September 2008 : 21:44:20
