I need to go Bankrupt. Does my ex-wife have to also?

Zeppo_2

We have loads of debts including the strong possibility of a jointly owned 2nd property being repossessed with £80K negative equity. I shall be making an appointment with CAB but was wondering if anyone knows whether bankruptcy of one partner requires the other to do likewise?

My first reason is obvious, but I would also like to set up home with my new girlfriend and want to start with a clean sheet. She is aware of my problems and says that with the amount of debt we would have it would make things impossible.

fermi

Going bankrupt would release you from any liability towards the negative equity.

Your ex wouldn't be forced to go bankrupt necessarily, but she would have to deal in some way with any shortfall that occurs when it is sold.

Zeppo_2

fermi wrote: »

Going bankrupt would release you from any liability towards the negative equity.

Your ex wouldn't be forced to go bankrupt necessarily, but she would have to deal in some way with any shortfall that occurs when it is sold.

Thanks Fermi,

I knew about the release of liability of the neg equity. My ex does not want to sell our house. We are not talking at the moment, but I previously brought up the subject as a possible solution and she refused to go bankrupt. We are going to make an appointment at our solicitors though - this with a view to 'saving' ourselves from losing the 2nd property. I will use this opportunity to ask them whether bankruptcy is viable. In that way my ex will have to listen.

Many thanks again.