URGENT: Filiing for voluntary bankruptcy: Need Advice

Andy-1_2

Please can someone give me sound advice on the following:

I have unsecured loans & credit-card debts of about 60,000. I have been advised that due to my circumstances and no income, I should file for voluntary bankruptcy. I have read and understood the bankruptcy guide provided on the UK Insolvency website. What I need to know are the following points.

I have a joint mortgage with my wife. The voluntary bankruptcy guide clearly stipulates that I can carry on paying my mortgage and live in our property. It also states that my wife can buy my share of the property for which the law allows time upto 12 months.

My questions are:
Q: I want to know if this is correct and the law allows for the partner to buy the share and allows time for 12 month.

Q: What will be the property valuation method. Will the court officer value it through local estate agents after 12 months or will they work out my share based on some other method.

Q: Will our Mortgage company get alarmed once the bankruptcy officer writes to them to inform that one of the joint mortgage holder has filed for bankruptcy. Will they have any objection to this and will this break any rules of agreement by which case they may cancel our mortgage with immediate effect.

I would highly appreciate your good advice.
Thanks in advance.

IF

Hi Andy, are you being helped by one of the free Debt Charities??

Until you get any futher replies please read the links below:-


Your home/property.

• Dealing with property interests from 1st Jan 2011 ---> Discussion thread
  
• What will happen to my home? (IS)
  
• If my house is sold sometime after the bankruptcy order is any shortfall on the mortgage still a debt in my bankruptcy?
• Charging orders in the county court - National Debtline factsheet (useful if a creditor is trying for a CO before your bankruptcy)

Best wishes
If...x

dojoman

What country are you in?

kepar

Does your wife earn enough to take the mortgage on?
I don't mean can she afford it, but does she meet the mortgage companies criteria of say, 3x her income.