If my mother goes bankrupt would my father lose the house?

BigLad_2

Hi,

My 72 year old mother has substantial debt that she will never be able to repay in her lifetime. She lives with my father and brother.

My father originally bought the house, and always paid the mortgage. He is now a few months away from finishing his mortgage (he actually re-mortgaged to repay part of her debt, otherwise he would have been mortgage free years ago).

My mother has only her state pension and no assets.

If she declared bankruptcy would they have to give up their home?

Thanks in advance.

HappyMJ

Not necessarily but the debt will be at the very least securitized against the house so the creditors will get their money when the house is sold. So your mother does have an asset that is a half share of the house. Bankruptcy may not be the best option. Get advice from a free charity.