partner boasting about going bankrupt

thebull

Can anyone offer any advice on my situation ?
I have moved out of the house that I was buying along with my now ex partner and after having paid the full monthly mortgage amount for 4month I have written to her to advise her that I am not in a position to pay the full amount any more and that I would like her to either "buy me out" or put the house up for sale .
I have had no direct reply from my ex BUT she has posted on her facebook page ( I know this is childish) that she is intending to go bankrupt and leave me to pay for everything i.e. mortgage and a couple of secured loans .
An important thing also is my ex works in the "bad debt" section of a large financial institute so she obviously has knowledge of the system where as I do not .
We are both employed each earning around £ 14000 pa property mortgage is £70000 secured loans come to £7000 .
Any advice welcome .

debtinfo

hello and welcome, the bull, im not sure what you are actually asking, if you have any specific questions about the process etc then post them up and i will try to answer them

silvercar

Will her job be safe if she is bankrupt?

If she knows that much about bankruptcy she will know that secured debts and a mortgage would be excluded from the bankruptcy. I suspect she is posting to annoy you.

System

silvercar wrote: »

Will her job be safe if she is bankrupt?

If she knows that much about bankruptcy she will know that secured debts and a mortgage would be excluded from the bankruptcy. I suspect she is posting to annoy you.

what about if the house ends up being repossessed?

thebull

my concerns are if she did go bankrupt would I become libel for all of our debts because the mortgage and secured loans are in joint names . I am just scared that I am going to end up with all of the debt because as I say she is more up to speed with this sort of thing .
What is the likely outcome if she does go bankrupt?
At the moment she is employed but to be honest I would not put it past her to stop working .

debtinfo

is there any equity in the property

Tigger1983

Ugh...I can't advise on your situation but I sympathise! What a thing to post on facebook, talk about airing your dirty laundry in public! Hope it works out ok for you, better luck next time!

thebull

I am sure there will be no equity if the house was sold in fact I think there will be a £20000 -£30000 shortfall

debtinfo

well i think it is terrible that she is putting it up on facebook, but looking at it without emotion for a minute, it is unrealistic to ask her to put the property on the market (the mortgage company are unlikely to let it be sold with that amount of negitive equity) or to buy you out (again the mortgage company will not likely take you of the mortgage and why should she get all the liability and you get none).

Unfortunately it is just one of those things that when couples break up it is often the case that neither party can afford the mortgage by themselves, so really the ony options that dont include a repossession and possibly bankruptcy are to move back in together and live seperate lives or either of you to live there with a new partner or lodger to help pay the mortgage

thebull

OK , so what happens if the property gets re possessed bearing in mind the mortgage and secured loans and the fact that I work and want to work but my ex would probably stop working .

alastairq

if your EX petitions for BR, then the shortfall would fall to you to meet.

BR only covers unsecured debt.

Once a property is sold, if a shortfall exists, it becomes unsecured.

As the property is jointly owned...if your EX petitions BR, then the former mortgagors....and those holding what were joint secured loans [but are now unsecured]..would pursue you for the shortfall.