Mortage

wifflow1

Thread removed and placed in Debt forum

Conrad

My youngest brother went bankcrupt under the new rules, and was able to arrange a deal whereby all thier property was safe. The state sanctioned bankcruptcy administrator said they couldnt be made homeless.

Just go straight to the Bankcruptcy organs, forget the citizens advice - I find they are very limited.

Also dont use any kind of middleman - you dont need one.

wifflow1

Thanks for that Conrad, but when you say go to the bankruptcy organs what do you mean by that?
Regards
Alan

arkie

wifflow1 wrote:

hopefully my wife to take over the mortage herself so that I would not have to declare the house if I go for personal bankruptcy.
Many thanks
Alan.

transferring your house into the sole name of your wife is not a good idea, the court would/should pick this up through the land registry, also the mortgage will be on your credit file. This would not look good to the court.
The equity in your house will be split between you and your wife 50/50 assuming you have a normal mortgage arrangement, your wife will get a chance to but your share off you at the normal market rate, (valuation is carried out by the courts) if your wife doesnt want to buy you out , the trustee's could enforce the sale of your property.
My advice is look on yell.com for an insolvency practitioner ,( dont go for one of theses that advertise on the TV) a good IP will help you look at various options, including remortgage, IVA and bankruptcy, (the DTI have an excellent website all about bankruptcy ) my inlaws have experienced the sort of financial trouble you are facing now, and the route they went down was my mother in law buying out my father in law and his equity was then injected into the bankruptcy. He was discharged after 1 year and he feels 100% better, can sleep at night etc


I am mortgage broker
good luck

UK007BullDog

You might want to post on the other board dealing with debts and such, as this one just deals with mortgages.

wifflow1

Thanks for that Bulldog thread moved. Didnt realise I was in the wrong place!!