Help

wifflow1

Mortage

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Hi Everyone,
New to the forum and could do with some sound advise and hopefully someone can help with this one, tried the usual chanels ie; Citerzns Advice ect, and got no where.
I was in business with my Son until April of last year but unfortunately he was killed in a car acciedent and I was not able to carry on with the business on my own and obviously was not in the frame of mind to carry on with it anymore so I just walked away from it which left me in real financial stook as you can imagine! but never really cared about it at that time. But now I am finding that I just can not keep up with the debts that has accrued from walking away and I feel the only way out, is to go for personal backruptcy but
I have a joint mortage with my wife which only cost about £206 per month and I think has only about 11 years left on it to run and I affraid that I will loose the house if I go down this road.
What I need to know is: is it possable for 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.

Richard_S

Hi Alan,

I'm at work at the moment so can't post but have a look at the thread below

http://forums.moneysavingexpert.com/showthread.html?t=273844

It's a long thread but you'll find the answer to most questions there and also other relevant web sites

Richard

susplum

So sorry for your loss. If you post your SOA here then we can see where your coming from and someone will be able to help.

CLAPTON

assuming normal joint ownership, upon bankruptcy, the OR (official receiver) will control your assetts which will include one half of the equity of your house. they would allow your wife to buy the equity and keep the house if she has enough money.

really need to see your financial details to advise.
how much the house, how much the mortgage, how much are your debts, do you have an income, does your wife work etc

wifflow1

Thanks Susplum not sure what you mean by SOA!!

susplum

It stands for State of Affairs. I dont know how to put a link in here but there is a post at the top of the debt free wannabe thread. Write down details of all your income and all your outgoings. DON'T leave anything out. Everyone will look at it and see if they can find a way to cut your costs and save you some money towards your debts.