Decisions, decisions!

Governor8777

Ive recently split up from my partner and i have a lot ov debtts which have got out of control and i have been thinking ov going bankcrupt, however my name is still on the mortgage and i dont want my ex to lose the house if i do, is there any way round it?

PippaGirl_2

If you are willing to sign the home over to your ex and the mortgage company are willing to accept your ex as sole mortgagee you can hand it over. However if there is a lot of equity this will be seen as disposing of an asset and the OR may place a claim from that afterwards. It is perhaps best to sort the divorce and/or finances first so there are no joint debts at all.

tigerfeet2006

Hi and welcome to the Bankruptcy board.

Your first step is to make a list of all your incomings and outgoings and all your debts. The next step is to contact one of the debt charities. Please do contact one of them for further advise as it will be free and impartial. Here are some links that may help. You will need to do this as the court will ask if you have taken advise and may delay your petition if you haven't.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.


Best wishes
TFx

JCS1

Governor8777 wrote: »

Ive recently split up from my partner and i have a lot ov debtts which have got out of control and i have been thinking ov going bankcrupt, however my name is still on the mortgage and i dont want my ex to lose the house if i do, is there any way round it?

Please take advice as mentioned in tigerfeet's post.

With regards to the house, is there any equity in the property?

Bankruptcy covers unsecured debt only, so it would not cover the property (unless it was then sold and the debt becomes unsecured), but if there was equity in the property it then becomes an asset to for the OR to deal with

Governor8777

Hi JCS1,

Thank you for your advice (and Tigerfeet2006), I only bought the house last year, purchased it from the housing, valued at £65K, they give me a £24K discount, so I bought it for £41K, added £3K to have double glazing put in the house as it never had it before.

Even though we have finished I don't want her to lose the house if I go through with it, but I havent taken my name off the house as yet, and also my unsecured debts are still at her address, don't want it look as if I am trying to pull a fast one by me changing my address details then going to apply for bankcruptcy.