a few questions for my brother

kduffy101

my brother and his wife have split up,she has moved out with the 2 youngest kids and there 17 year old son is staying in the house with him as there is no room for him at his grans,
they owe £83000 on mortgage and have a first plus secured loan which they owe £10000,and 2 other bank loans about another £10000,2 credit cards and 2 overdrafts that are maxed out,about £3500.
he is thinking of going BR,but wants to keep the house,
all the debt is in joint names.
can he go BR for his half of the debt?or will the 2 of them have to do this?
can he/they go BR but still keep the house?
can the secured loan be included in the BR?
he has been to the bank to see about remortgage+buying his wife out,but bank says because of the secured loan there is no way he will get one.
any comments/advice would be great.
thanks

philnicandamy

kduffy101 wrote: »

my brother and his wife have split up,she has moved out with the 2 youngest kids and there 17 year old son is staying in the house with him as there is no room for him at his grans,
they owe £83000 on mortgage and have a first plus secured loan which they owe £10000,and 2 other bank loans about another £10000,2 credit cards and 2 overdrafts that are maxed out,about £3500.
he is thinking of going BR,but wants to keep the house,
all the debt is in joint names.
can he go BR for his half of the debt sadly no..the whole joint debt would fall to the person NOT bankrupt then...?or will the 2 of them have to do this? possibly although you would be looking at two lots of fees £600 each
can he/they go BR but still keep the house? depends...all down to equity in the property?
can the secured loan be included in the BR? depends..
he has been to the bank to see about remortgage+buying his wife out,but bank says because of the secured loan there is no way he will get one.
any comments/advice would be great.
thanks

Just a few thoughts to start you off.

kduffy101

sorry should have says were in scotland,he thinks the house is worth about £100k,but i dont think that it would sell for that as it needs total refurb,

philnicandamy

ah right...changes things a little then

have a read here

Information for those in Scotland.


Advice on bankruptcy.

• Consumer Credit Counselling Service (Scotland) - Website: CCCS Telephone: 0800 138 3328
• National Debtline (Scotland) - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline Scotland - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

.
.
Accountant in Bankruptcy (equivalent of the English Insolvency Service).

Main website: www.aib.gov.uk

For general queries about insolvency (but not debt advice) you can contact: General helpline - Tel: 0845 762 6171 - Email: [EMAIL="Helpline@aib.gsi.gov.uk"]Helpline@aib.gsi.gov.uk[/EMAIL]

Bankruptcy

Low Income Low Assets.

Debt Arrangement Scheme

Trust Deeds

Bankruptcy after 1 April 2008

• DAIP - Debt Advice and Information Pack
• Debtor's Guide
• Creditor's Guide
• Bankruptcy Restriction Guide
• Trust Deeds Guide

Bankruptcy before 1 April 2008 (follow for links)



they need to speak to one of the charitys listed above asap really,,,