My daughter of 26 lives with me. She has recently divorced her husband and cannot afford to rent her own place. They could not keep up with their mortgage payments and their house was repossesed. They have debts between them totalling £40k. A debt counselling service allowed them to pay back £50 per week. That service has now demanded £300 each from my daughter and her ex husband - payments have been paid regularly. My daughter is on a low wage, hence living at home. I have just been made redundant as my company closed and so have to charge her rent to help me to keep my home. She is distraught and desperate - would bancruptcy be the answer for her?
I would say that br certainly seems an option for your daughter. Was there a shortfall from the house being repossessed ? if so this should also be included in the br.
Also, any joint debts they had would then need to be paid in full by her ex husband, as it falls under joint and several liability, unless he is also planning on br.
Does your daighter have any other assets that could be at risk under br proceedings?
Jenny
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
My daughter of 26 lives with me.
Posted - 24 January 2009 : 16:38:25
