I split with my partner recently and left my job after she was having an affair with a work colleague (back ground proabbly needed to explain my situation).
We bought a house for 92,000 with £30,00 secured loan ontop. This was the start of our financial problems. I also ended up with a loan of 10K and a credit card of 1k. I also owe a phone bill of aprox £600 as I had all her family on my mobile bill.
The house has gone up for sale and without my acceptance she has agreed to sell it for 85k. From the 30,000 secured loan we had to pay £5,000 deposit on the house - the Mortgage remaining is 87k aprox.
I have a job with the nhs but ony for 3 months till November - so i cannot afford the monthly debts at all. To make matters worse my father passed away and my mother is struggling with her money due to reduced benefits.
My Ex partner is sending me the bill for the sale of the house which I have not agreed and also advised me I cannot bankrupt on the shortfall on the mortgage of around 2k.
I do wish to bankrupt as soon as possible. I have started to get court letters from the debtors etc and wish to get rid of as much debt as possible.
The house sale has only been agreed today and will take 4-6 weeks to complete. How would bankrupting impact the sale of the house prior to final completion?
If I were you, I would continue with the bankruptcy. All your unsecured debts will be written off and any shortfall on the mortgage and secured loan will also be written off as far as you are concerned in the bankruptcy. I am assuming that the house is in the name of both your ex partner and you. If so, the mortgage and secured loan companies will chase her for any shortfall as you and her are both jointly and severally liable for the debts. I also suggest that the bill for the sale can be ut in the bankruptcy and, again, your ex partner will be responsible. It may be that she will need to declare herself bankrupt.
There is something wrong with the figures this post OR I dont understand the figures. First if the house is joint it cannot be sold without your agreement/ permission and she or you or both of you cannot sell it with a shortfall. If the mortgage is £87k and the secured loan is £30k how can there be a shortfall of £2k.
Help on Bankruptcy
Posted - 01 October 2009 : 20:16:47
