Hi everyone; I am new in this forum and i am hoping to get some help as I am going through very stressful times. My house repossesed 3 weeks ago and I had %125 together mortgage with my ex girlfriend from NRock and now its negative equity around 50k and they will be asking me to pay for it after they sold the house. I have secured loan around 15k and around 8k other depts.I am planning to go BR but whats going to happen to my exgirlfriend does she goes BR automatically with me as it was joint mortgage or is there any chance to to take her name outt? Where do I start to BR is it better with a insolvency solicitor or DIY?
If you file for bankruptcy the shortfall from the mortgage will be inculded in the bankruptcy. If your former girlfriend wishes to file for bankruptcy that is up to her, but Northern Rock will chase her for the whole amount of the debt (shortfall) following your bankrupty. Under 'joint and several liability' as the mortgage was in joint names you are both liable for the whole amount, therefore your debt will be inculded in the bankruptcy and your former girlfriend liable for the same amount.
It may be worth your while speaking to an Insolveny Practitioner to assess your situation (you can view reviews on IVA.com) it may be if you have an income and thus after 'allowable' expenditure you may have a disposible income to enable you to apply for an IVA.
You do not need an insolvency solicitor to apply for bankruptcy - the process was designed to enable people to file their own petitions in bankruptcy. You can either down load the forms on the Insolvency Service website or ring your local count court ask to speak to the bankruptcy clerk and request a pack for filing for bankruptcy is sent out to you, all they are going to want from you is your name and address at this stage, you would be advised to also ask them whilst on the phone when their next available date is, and do not be too shocked if it is up to 6 weeks away some court are that busy, although some courts (but not many) are now offering a 'drop in' facility that if you attend on certain days by 10am you will be seen that day.
If you need any help with the forms or process please ask away, all of us on here are only too happy to help
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
A lot of questions!!
Posted - 03 June 2009 : 12:18:08
