a bit of advice please

hanandhen

hi

great site

my oh is considering going bankrupt he has 60k worth of unsecured debt 30k of that is with ccj's
we own our house mortage left is 110k house is worth about 270k so we have alot of equity his half if house was sold would cover his debt but we don'y want to sell, i have spoken to all his creditors and had all the intrest stopped,
my mortage is 860 a month and to rent a 4bed house in our area is about 1k a month would need 4beds as oldest son is autistic and needs a room of his own, next 2 boys can share one for daughter and them one for myself and oh
so renting is higher than mortage,
so would we still be made to sell the house as renting is higher than the mortage,
or should we just carry on paying everyone as we are

peachyprice

Hi hanandhen,
As your OH's share of equity is £20k more than his debts a judge will most likely not allow him to go BR because he is not insolvent, he will be told to sell the house to clear the debts.

If a judge did pass his bankrutcy the OR would want to sell your house and would take enough of your OH's equity to clear his debts plus all bankrutcy fees. Whether the house was sold or not would be entirely out of your hands unless you could buy your OH's share of the equity from the OR.

Either way you cannot expect to go bankrupt and keep the house with such a large amount of equity.

hanandhen

thanks for ur reply
i think we will carry on as we are paying everyone as really do not want to sell the house have done alot of work to it and it is my dream home
if we need to sell in the future then at least everyone will get paid cos of the equity in the house, we are lucky as2 of the ccj's have tired to get a charging order on the house but the judge said no so at least all of the debt is unsecured

tigerfeet2006

Han please be aware that the rules are changing next year and a CO can be awarded with a CCJ so watch they don't try again.

sandywindsor

Hi!
also be aware of house prices! I was offered £115,000 last year and valued May at £120,000 the repossession order values property at £100,000 November 2008

Sandy
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