A few questions please?

lisaf

Hi All,

bankruptcy is looking more and more likely for myself and OH now. His job is definitely over end of July and although he has already found a bit of work, it is nowhere near enough to cover our horrendously high outgoings.
I have mentioned on another thread before that the only reason we are hesitating doing this immediately is that we have £100k of his boss's money tied up in the house (she kindly loaned us thus so we could get on the property ladder).
Now although there isn't 100k equity in the house anymore, there is still about 60k. I know that we would be forced to sell and consequently his boss would lose her money also.
He has had a good chat with her and told her that it's unlikely we will be able to keep up the mortgage once he's redundant and has suggested her buying the rest of the house and us just renting it off her (she didn't seem overly keen with this as money is a bit tight for her right now).
He said the only other way was to put a charging order on the house for the 100k and that way her money would be protected (he had to explain the process as she's american and didn't understand how that worked).
Although the charging order (if she agrees) would take time and I don't think we can go on much longer like this.
So, my questions are:
1/ would the house not be sold if the CO was put on as it would put the house in neg. equity?

2/ If only OH goes bankrupt, would we be able to keep the house as I am joint on the mortgage?

3/ Also, would any joint debts of ours be solely mine if only OH went bk?

Many many thanks in advance

Lisa

lisaf

Bump - anyone? x

EnslavedByDebts

Hi Lisaf,

lisaf wrote: »

Hi All,

1/ would the house not be sold if the CO was put on as it would put the house in neg. equity? If charging order is put in place then yes house will be in negative equity so you could buy the interest back for £1 plus fees (around £211)

2/ If only OH goes bankrupt, would we be able to keep the house as I am joint on the mortgage? If only your husband went bankrupt then you would need to buy back his interest in the house which on your figures is £30k. So this would only help if you or someone you knew had the money to pay this to the OR

3/ Also, would any joint debts of ours be solely mine if only OH went bk? All joint debts would fall directly to you for payment.

Many many thanks in advance

Lisa

I have answered to the best of my knowledge someone maybe along later to assist further.

I hope this helps.

EBD

lisaf

Thanks EBD - that's really helpful x

lisaf

Hi All,
OH has only been able today to get to go to CAB - well what a disaster! He tried 2 local ones and none of them had any assessors available today so he tried one nearer his work and they said they couldn't help as he wasn't in their borough and although he worked there, he wouldn't be for much longer! (He's out of work at the end of July).
So a fat lot of good they all were. Can anybody PLEASE advise what or who we can contact now to try and get an appointment to sort things out?
I want to act before decisions are taken out of our hands and we lose everything whilst we wait for advice. Also would it be worth approaching creditors ourselves with small offers?
Any advice gratefully rec'd!
Lisa x

Merry_Gentry

Try National Debtline or CCCS - numbers are in my signature.

lisaf

Thanks Merry Gentry! Will try those