Walking away from a mortgage

silvercar

No judge would allow someone to go bankrupt without evidence that they have received professional advice. Even though bankruptcy may seem an easy option, it won't be.

If this is being considered seriously, at the very least head over to the bankruptcy board, where posters are more experienced in this area than someof the comments that have been made on this thread.

Just two points:

If one partner of a joint mortgage goes bankrupt, the other partner will get chased for all the debt.

Mortgage lenders don't make people bankrupt as they would effectively be writing off the negative equity in the property.

meester

dmg24 wrote: »

I'm sorry to say it, but spending like the above is why they are in trouble. There are first time buyers on here, with children, that have spent next to nothing kitting out a new house. I spent less than £2K myself with everything brand new.

£2k? Pah.

I spent £20 each on two brand new sofas, £30 * 3 on wardrobes from Ikea, £100 on new king-sized bed, £10 on second-hand six-foot king-sized bed, £40 on baby cot, £50 on single bed, about £100 on chests of drawers from Ikea, and £40 on book shelves. Total less than £500, and we could have got stuff free off freecycle if we'd tried.

SouthCoast

He can declare himself BC next week if he likes.

Check with your local court as some currently have long waits because of volumes.

sdooley

Many many people will lose their jobs automatically (including in the entire financial sector) if they declare bankruptcy.

HxBro

meester wrote: »

£2k? Pah.

I spent £20 each on two brand new sofas, £30 * 3 on wardrobes from Ikea, £100 on new king-sized bed, £10 on second-hand six-foot king-sized bed, £40 on baby cot, £50 on single bed, about £100 on chests of drawers from Ikea, and £40 on book shelves. Total less than £500, and we could have got stuff free off freecycle if we'd tried.

Do you mind telling us where you got some new sofas for £20 ?

We have £3k to spend on stuff for the new house, obviously if I can get 2 sofas for £20 it'll help the new stupidly large flatscreen tv fund, which I'm trying really hard to get my wife to agree to

Dithering_Dad

space_rider wrote: »

The reason I posted was to illustrate that it is possible to get yourself out of a situation if you really try. Yes if he didn`t have the worry of the debts and if he was able to eat properly then his kidneys would have lasted much longer.

Yes you can get yourself out of a situation if you really try, but sometimes the price you pay is just too high. Which is kind of my point, given the choice of having my own kidneys or my own home, I know which one I'd choose!

space_rider wrote: »

If he didn`t have someone elses kidney then he would not be alive today. To him anti rejection pills for the rest of his life is a small price to pay.

If he hadn't worked all the hours god sent to try and pay for a house (that his two other brothers walked away scot free from) then perhaps he wouldn't have needed someone else's kidneys in the first place. I hope your other brothers have some sense of shame from all of this.

I can understand you being proud of your brother's achievements in owning his own home, but who's to say that he wouldn't have been able to do that anyway but without putting himself under such stress that he irrevocably damaged his health.

space_rider

Dithering_Dad wrote: »

Yes you can get yourself out of a situation if you really try, but sometimes the price you pay is just too high. Which is kind of my point, given the choice of having my own kidneys or my own home, I know which one I'd choose!


His kidneys would have gone anyway as his diabetes was diagnosed at 18 months of age and back then it wasn`t as easy to control. The not taking care of himself properly just speeded up the decline of them.