How would my husband be affected by my bankruptcy

Radiantsoul

ladysmith wrote: »

I sort of hoped that, as there is about £10k equity at best, that I could escape without the house being sold.

But I guess that's not possible.

£10k is not a lot of equity and so you are probably in a strong position to negotiate. It would be worth looking at whether your husband has made an contribution to the mortgage. If he has then you can count the capital contributions he has made. I would say that £10k is probably not enough equity to interest an Insolvency Practionner in taking on the case, but it might be. They might deal a little harder as they will want their timecosts covered.

However even if you do keep the house how do you propose to service the mortgage? You have said that your husband has an irregular income and it seems your business won't be able to. Plus if house prices continue to fall you might find yourself with arrrears, in negative equity and with the mortgage company after you. It is probably worth taking the time to consider what your long term strategy is.

ladysmith_2

Yes, it's hard to guess how interest rates and prices are going to go. And it's also hard to see how my business will go.

But at least I seem to have some options, and it does not look as horrible as it all did.

ladysmith_2

Well, I've submitted the forms to National Debtline and I'll see how it goes.

Thanks for the help!

tigerfeet2006

Best of luck with it all, let us know how it goes.

ladysmith_2

I want to say a HUGE thank you to everyone who helped me, especially Tigerfeet2006.

I went to Business Debtline, who passed me to Debt Lifeboat. We worked through all the figures, and I was happy to go with an IVA, to pay off just over 20% of the debts over 54 months.

Obviously there are risks in doing this, but if it does not work, then I am no worse off than I thought I was in June.

The thing about bankruptcy is that it would have affected my ability to do my business, so it has been good to avoid that.

Like many stories that I read here, now it is decided I feel so much freer!

tigerfeet2006

I am so glad you were able to come to a desicion that you felt was right for you.

If you find you do need any questions answered on BR at a later date then just come back and talk to us. There is also an IVA board if you have any queries about IVA's.

With many best wishes for your future.