br question

loadsofdebt

just a quick one, can i go br and not my wife?
we have a total of £66000 debt of £55000 is in just my name the rest is in a joint name
our house is worth around £105000 and we have £85000 left in a joint mortage.
if just myself applyes for br would my wife have to redo the mortgage and buy my half?

skylight

You can go BR and your wife not.

All of the joint debts would fall soley to your wife though and yours would be in your BR. Your wife would have to purchase the beneficial interest of the equity, but obviously your evaluation would need to be clarified correctly. In this current climate, you may well find its not worth what you think.

gerturdeanna

Sorry to jump in, but what would you class as 'joint debts'?
Loans taken out in both names obviously - but what about credit cards that are in one name and the other person was an additonal card holder?
Thanks

fermi

gerturdeanna wrote: »

Sorry to jump in, but what would you class as 'joint debts'?
Loans taken out in both names obviously - but what about credit cards that are in one name and the other person was an additonal card holder?

They are the sole responsibility of the account holder only.

http://www.payplan.com/debt-library/joint-and-several-liability.php

Credit cards are not taken in joint names, if you have two cards, then only one cardholder is considered the account holder. They will be responsible for full repayment for the debt, regardless of which card was used.

maxmycardagain

loadsofdebt wrote: »

just a quick one, can i go br and not my wife?
we have a total of £66000 debt of £55000 is in just my name the rest is in a joint name
our house is worth around £105000 and we have £85000 left in a joint mortage.
if just myself applyes for br would my wife have to redo the mortgage and buy my half?

yes, no and maybe...

are the debts secured or unsecured, sole or joint?