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techno1029

I have an IVA in my name but my mortgage is in joint names with my wife. If we allowed the house to be repossessed and we both then filed for BR could my wife still pay her own debts, ie credit card and loan or would these all be taken into the BR?

philnicandamy

if you both file for bankruptcy then she'll not be able to pay debts off they'll be included in the bankruptcy order

techno1029

Thanks for reply phil....if just myself went bankrupt after allowing house to be repoed would my wife then become liable for the shortfall???

philnicandamy

Any JOINT debts would fall to the person not bankrupt yep...

techno1029

Thanks Phill....just starting to arm myself for the inevitable!!!!!!!lol

System

techno1029 wrote: »

Thanks for reply phil....if just myself went bankrupt after allowing house to be repoed would my wife then become liable for the shortfall???

Hi and thanks for your reply.

She would be fully liable for the shortfall and for any other joint debts. I’d recommend speaking to your IP first and taking their full advice.

I hope this helps.

Kind regards,

Mat

techno1029

As the IP are earning money from my IVA would it not be in their interest for me to stay in the IVA even though its getting too much for us???

System

techno1029 wrote: »

As the IP are earning money from my IVA would it not be in their interest for me to stay in the IVA even though its getting too much for us???

Hi and thanks for your reply.

Insolvency Practitioners work to a very strict code that includes being impartial and giving the correct advice for the client.

If you feel you’re not being given good advice you can complain about your IP to the relevant body by following the link below.

http://www.bis.gov.uk/insolvency/insolvency-profession/Professional%20conduct/how-complain-against-an-IP

I hope that helps.

Kind regards,

Mat

techno1029

Thanks Mat....will bear that in mind when I approach them hopefully after Christmas with my concerns and hopeful intentions!!!

WorriedWife

Can anyone advise, my OH is a sole trader, and painful story short he could be liable for damages that would exceed his assets (savings, vehicles).

He ideally needs to avoid bankruptcy as it is thought it would impact upon his professional qualifications.

Putting the impact on his future to one side, the only remaining asset is the house (there is £60K equity but still may not be sufficient to cover damages) but I co-own this on the mortgage.

Now I know I am not liable for his personal debt but as this is a joint asset would I have to buy him out of the mortgage to save the house?