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Divorce and debt
Peetie
Posts: 1 Newbie
My brother in law is in a bit of a situation. He has the house up for sale as his wife walked out and left him with all their debts to manage, which he can't.
He has had a good offer but this will leave him still owing 40 thousand in loans secured on the house. How can he sort this out?
Isn't the wife responsible for some of the payments? She has paid nothing since leaving him even though the house is in a joint name and the loan is a consolidation loan which paid off both their credit cards etc.
He isn't sure what to do next.
He has also been paying the car insurance all this time even though she has the car.
He just wants rid of the house as he can't afford the mortgage but also he doesn't want to be saddled with all this debt.
Does anyone have any advice?
He has had a good offer but this will leave him still owing 40 thousand in loans secured on the house. How can he sort this out?
Isn't the wife responsible for some of the payments? She has paid nothing since leaving him even though the house is in a joint name and the loan is a consolidation loan which paid off both their credit cards etc.
He isn't sure what to do next.
He has also been paying the car insurance all this time even though she has the car.
He just wants rid of the house as he can't afford the mortgage but also he doesn't want to be saddled with all this debt.
Does anyone have any advice?
0
Comments
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If the debts are in joint names, he's liable. They are both liable for all of this.
2 ways to sort it out without him repaying it all..
a) finalise the divorce and the financial settlement
b) go bankrupt
May be worth discussing with a debt management agency like CCCS or CAB if he thinks he will get stuck with all the debt - an IVA or a debt management plan may be more practical.
If there are joint accounts with available funds eg credit cards, overdrafts - get any extra money 'available' takne off these asap so she cannot run up more debt.
I'm assuming there are no savings to speak of.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0
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