marriage split and debt - HELP!

somersetgirl_2

Hi
I am having a major predicament. After much deliberation, I have decided to end my marriage as we simply do not love each other any more. We have a young child.
We currently live in a property which is mortgaged in both our names. We have a small amount of negative equity and we are also in a DMP with debts of aroung £45000. Not good!
How the hell do we go about sorting out the debt / house etc? I am seriously considering bankruptcy so that we can make a fresh start seperately, however I do not know how this would work as debts are joint and so is the mortgage. I cannot afford to pay the mortgage and bills etc without his help, and I suspect that he will want to be off the mortgage so that he can start his own life again. I also cannot afford to buy him out of the mortgage - no lender would give me that kind of mortgage on my own.
I have already found out what tax credits etc I am entitled to but this would still not be enough as I can only work at weekends when my husband has my son.
Please can anyone give any kind of guidance? Just writing this is distressing!!:eek:

Katy83

Hi there,

I'm sure some people who are much more knowledgable than me will be along soon to help you but my initial thoughts would be to go and see the CAB, they will probably be able to advise you on this kind of thing. Also, maybe try posting on the marriages/families/relationships board, there are a lot of really helpful people there as well.

http://forums.moneysavingexpert.com/forumdisplay.html?f=24

Good luck xx

Tixy

I don't know loads about this area but if you have joint mortgage and or joint other debts if one of you goes bankrupt the other person would become liable for the whole of the debt (not just 50% as people often think).

I'm sure its a really tough decision to seperate and certainly not made any easier by your debt situation. Who is your DMP with? If its with one of the free/charitable organisations then you could discuss the implications of splitting up with them.

Good luck

somersetgirl_2

Thnaks for the replies. The DMP is with CCCS so i will speak to them today. I am also trying to get hold of the CAB to see what they say.