new bankrupt man, advise needed

mug098

Hi ya, new on here so please excuse if this has been asked many times.

I officially went bank ruft 5/4/2011 voluntarily.
I have been married for the last 17 years now and now seperated and going through divorse due to my wife wanting to live it up and get !!!!ed every night. All through our marrage she was dangerous with money to the point we could not afford to live any more so she uped sticks and left home and stoped contributing towards all debts. With 3 little lads to now bring up i was left with no choise but to go bankrupt.

Just an idea of my situation

House worth £85000
Mortgage of £80000 payment £400 p.m
Loan secured £50000 payment £480 p.m
I.V.A £28000 payment £250 p.m
all in joint names
Then obviously the other bills that come with living.


Now question is

Can i wipe my name from the i.v.a and secured lone in any way?
Also can i do that but keeping the house?

I am not behind on any mortgage payments in fact i am in credit by about £200.

Hope that makes sence.

All advise welcome

John

Ineedaname

If you went BR then ALL your debts, including your joint liabilities, will be included in the BR. You'll need to negotiate with the OR about your property, others will advise on how that is likely to work.

You ex will become liable for all joint unsecured debt so will need to make her own arrangements regarding payments.

So you shouldn't be paying anything into the IVA now anyway...

mug098

thanks for the comment there but the loan is secured on the house so can that still be included in the bankruptcy .

Many thanks

JCS1

BR covers unsecured debts, you would still be responsible for any secured loans (unless the property is then repossessed, and the secured debts becomes unsecured and then it would go into your BR).

mug098

Just what i thought, so looks like i will have to give up the house then !!

FuzzyCub

mug098 wrote: »

thanks for the comment there but the loan is secured on the house so can that still be included in the bankruptcy .

Many thanks

If you wish to keep the house you need to keep up the payments on all secured loans/mortgages, you can't stop paying theses and expect to keep the house - secured debts can not be included in BR.

If you let the house be reposessed or fail to keep up payments and one of the creditors reposessed the property the shortfall would become unsecured and fall into your BR (as long as you don't sign anything after the date of your BR making you liable for these as 'new' debts - my lender tried very hard to get me to sign a 'deed of acknowledgement'). It doesn't matter how long ago you went bankrupt any future shortfall will be included in your BR.

Have you taken advice about your situation from one of the debt charities? Give them a call and talk through

Beat me to it JCS1

Ineedaname

Sorry, missed an 'unsecured' in my first sentence. JCS1 has clarified, thanks.

mug098

so the only way i can free my self from the secured loan is to stop paying every thing and give the house up ?

silvercar

mug098 wrote: »

so the only way i can free my self from the secured loan is to stop paying every thing and give the house up ?

Whether the secured loan people would repossess if you stopped paying is an interesting question.

The mortgage gets first dabs on your money, so there would be very little left after the mortgage was cleared. So they would have the hassle and cost of repossessing your home to get virtually nothing in return.

Joined up thinking would say that it is not worth their while to repossess.....sadly some secured loan companies are not capable of working this out.

Could you afford to dump the IVA and keep paying the mortgage and secured loan? How do rents compare to your housing costs in your area? If the mortgage+loan payments are not much more than rent would be, the OR should allow you to make these payments in your SOA, enabling you to definitely keep your home.

kepar

Silver if he is br he will not be paying an IVA.

Ineedaname

I pointed that out in post 2 but the OP hasn't responded on it.