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too late to hand keys back?
aero1
Posts: 110 Forumite
Hi
My partner went bankrupt in Oct 2010 and has since moved in with me. He rented out his house (at a loss) in the hope of keeping it until it went into positive equity.
We have strugled to pay our bills and the shortfall as it is, but now his tenants are moving due to redundancy.
We wont be able to pay even one month of his mortgage so is it too late to hand back the keys? Is this classed as new debt or is it still bankruptcy debt - I referred to http://www.legislation.gov.uk/ukpga/1986/45/section/382 (spotted this on a different thread) but I want to make sure I am understanding it right we dont get saddled with more debt.
I take it we would need to advise OR ? The OR has been pretty rubbish so far, 7.5 months in and they havent even sorted IPA though they have his new address.
Thanks
My partner went bankrupt in Oct 2010 and has since moved in with me. He rented out his house (at a loss) in the hope of keeping it until it went into positive equity.
We have strugled to pay our bills and the shortfall as it is, but now his tenants are moving due to redundancy.
We wont be able to pay even one month of his mortgage so is it too late to hand back the keys? Is this classed as new debt or is it still bankruptcy debt - I referred to http://www.legislation.gov.uk/ukpga/1986/45/section/382 (spotted this on a different thread) but I want to make sure I am understanding it right we dont get saddled with more debt.
I take it we would need to advise OR ? The OR has been pretty rubbish so far, 7.5 months in and they havent even sorted IPA though they have his new address.
Thanks
Learn from yesterday, live for today, plan for tomorrow
0
Comments
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Providing he hasn't signed any new agreement with the lender then the mortgage can still go into his bankruptcy.
:j :j
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Make sure he doesn't sign ANYTHING from the mortgage company - and they will try and get him to. This may make him liable for any shortfall.
:j :j
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Many thanks Fiveyearplan, thats great to know and I will make sure NOTHING gets signed - Do you how at what stage we tell the OR? Dreading that part more than anything! Thanks again
Learn from yesterday, live for today, plan for tomorrow0
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