in my current situation should i go bankrupt?

natfig

hi my name is natalie and this is my current situation

my ex partner had a house i was put on the mortgage i left my partner at the time he wouldnt take me off the mortgage he stopped paying the mortgage so it was reposessed its up for auction in 2 weeks guide price 125 000 but there is 170 000 owed on it, obviously there will be a short fall will i have to pay all the short fall if my ex goes bankrupt or will i only have to pay my half ? my ex says i will have to pay it all !

also when i was with him he took a motorbike out in my name he cant afford to keep paying for it so he wants to give it back there will be a shortfall of around 4 000 which is in my name so i will end up having to pay for it !

i also have around 6 000 in loans with the bank

should i look into going bankrupt ?
if i do go bankrupt will they take my car?
can i put my car in somebody elses name ?
im in rented accomodation will they ask us to leave if i go bankrupt?

i think thats everything any help would be greatful

thanx
natalie xx

peachyprice

Hi Natalie, welcome to the forum

Going bankrupt is a huge decision, and you should get professional advise from one of the debt charities first.

Your ex is right, the whole shortfall from the house sale will fall to you as will the shortfall from the motorbike, so you will end up with potentially huge debts.

Do you need your car to get to work? If you do there's a good chance you'll get to keep it, if not you could have a battle with the OR and will have to prove you NEED it. You cannot put the car in someone elses name, this would get you in trouble with the OR for disposing of an asset.

It's unlikely that you will be asked to leave your rented home, unless you are in arrears with rent. Check to see if there's a bankruptcy clause in your tenancy agreement, even if there is it usually say they 'may' ask you to leave, I think that's to cover the LL of you're a bad tenant.

Anymore questions, just ask.

HTH

natfig

hi thanx for your reply so quick i just dont know what to do next i think im going to go and see the CAB on friday and see what they say

thanx again

natalie xx

peachyprice

That's a great idea Natalie, let us know how you get on.

Purplekylie22

It depends on the re-sale value of your car, if it is 500 or so then no it isnt likely they will take it if you need it for work, if it is 4-5K then yes they mightwant to sell it and put the money towards your debts.

natfig

hi everybody spoke to the CAB today he seems to think that my only way out is bankruptcy and that i will probably loose my car, but he is making me an appointment with a colleague of his that deals specifically with debt problems, its not the news i wanted to hear but i feel better after talking to somebody about it and having a blub lol, at least now i can start the ball rolling x

nat x

tigerfeet2006

Well done Nat on taking the steps you need to.

If you need any help or support there is usually someone around who can help.

natfig

just thought i would let you know i have got my appointment with the CAB debt advisor on monday so fingers crossed i can get things sorted out as soon as poss does anybody know what i need to take with me? if anything?

nat xx

k2nga

Hi Nat,

Just wanted to say good on you for trying to sort this quickly. Seems like your ex is a right piece of work and quite happy to land you in it.

I guess take anything you might have along with you to do with what you and your ex had together might help but to be honest it seems you know most of what will happen. Do you know what the value of your car is?

natfig

my car is worth about 6 grand so i guess im saying bye bye to my car

k2nga

Yeah i expect they will want your car but get a little run around to start with and build yourself back up. At least you can then put this all behind you.