What way does bankruptcy work?

mad__money_2

Hiya, I'm new here and am wondering if anyone can help me!! PLEASE!!

My sister and her boyfriend split over a year and a half ago, she moved out and he stayed in their home, which has a joint mortgage. He continued to pay the mortgage etc.

They have had the house up for sale and there has been ZERO interest, the price is way too high but my pig-headed sister can't see past that.

Anyway, apparently he declared himself bankrupt a few weeks back, what happens now??

She has took out a huge loan, has borrowed money off friends and apparently is skint, she had done this all expecting to get her share of the house sale money. Daft if you ask me, never depend on money!

Where does she stand??

So_Sad_Angel

Hi , Advise her to speak to one of the debt charities CCCS, Nat Debtline, CAB ...the numbers are at the top toolbar on this site. There is no charge & she can talk though her position.

Angexx PS welcome to the site!

dalip

I am so sorry but all joint debts,including the mortgage your sister will become liable for in full. She needs to talk to one of the debt helplines asap like so sad says. There are a couple in my sig. Get her to register on here too,then we can really help her.D