bankrupt oh what to do

dawn_marie

i have been advised to declare myself bankrupt in jan however my house is on a joing mortgage with my mum and although i dont want the house as its in negative equity and arrears and i have always been the one to pay the mortgage i am worried that my mum will be affected when the house is given to the OR once i am bankrupt. also i work as a nurse and pay into a nhs pension and am worried that this will be affected

any advice would be much appreciated

tigerfeet2006

Your pension will be unaffected by BR.

Your house however is a different matter, as your mother is a joint owner she will be responsible for the full arrears and the shortfall and any expenses from the selling of your place.

If you had no debts would you be able to afford the mortgage, a small amount to the arrears and any other secured loans on the house?

The OR will not have anything to do with the house at all. All he will be interested in is the debt when the house is repo'd and sold, so will have nothing to do with it until then.

Who have you had advice from?

Also have a read of the Bankruptcy Help sticky
https://forums.moneysavingexpert.com/discussion/1056083