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Hi - Early Days Query

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itsalongroad
itsalongroad Posts: 232 Forumite
edited 2 March 2010 at 8:27AM in Bankruptcy & living with it
Hello

deleted message

Comments

  • Rylynn
    Rylynn Posts: 1,387 Forumite
    If you go bankrupt you still have to live, ie pay rent, food, the debt will fall to your wife but I am sure you are allowed to pay for things.
    Someone who can reply with conviction on this will, as I am not clued up on houses yet.

    Can you both go BR?
    Some Days are Diamonds Some Days are Stones,
    Sometimes the hard times won't leave me
    BSC 162:beer:
    Banktupt 22 Oct 2008 at 10am!
  • dalip
    dalip Posts: 7,045 Forumite
    You need to ring one of the free debt helplines(check my sig)they can look at your details and give an unbiased opinion. Who are you doing your DMP with?

    Your wife may be able to buy your share of the property but a reasonable amount of rent or mortgage is still allowed to come out of your household income. Do you have any joint debts? Dx
    Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
    Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hi itsalongroad,
    Paying your mortgage after BR really isn't a problem you'll be able to carry on as normal, BR makes no difference to the mortgage or who owns the home.

    Is there any equity in your house? This is what your wife may be able to buy half of, but it won't mean that she owns your share of the house, just all of the equity.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • PEACHY - I thought I would be off the deeds, and effectively a lodger!

    About to find out about equity as estate agent here in next 10 minutes. I suspect very little, possibly none. One of those where the lower the valuation the better I guess!
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    No, you will still own your share of the house.

    Fingers crossed for nice low valuation:D
    If there's no equity your wife should be able to buy your beneficial interest (your share of any future equity) from the Or for £1 + £211 costs.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    That would depend on how much your savings are, where they are, how they got there, and how you pay your wifes debts.
    Accept your past without regret, handle your present with confidence and face your future without fear
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