Bankruptcy and mortgage

meer53

emmafairygirl wrote: »

ive spoken to solicitors, financial advisors, CAB

Who advised you to go for bankruptcy ? Seems like bad advice to me.

exponential

I would certainly look into nulifying the bankruptcy you entered into as it seems you have given some really bad advice.

There was definately no need for you to declare BR!!

If divorce was what was happening between you and your husband then just selling the house and splitting the profits (if any) would and shouldve been your next move but certainly NOT declaring BR!

zebedeeuk

I'll add some input into this. I went through divorce with my ex wife and I took on the sole ownership of the property. I had to apply for a seperate mortgage and as someone else has mentioned, had to get half the equity transfered from the ex into my name by filling in forms. The mortgage provider also required me to take out indemnity insurance protecting themselves should the ex ever be declared bankrupt within the 5 year rule, or make any other claim against the equity, as it was effectively given away.

The mortgage provider will not just remove someone from a mortgage unless this process is followed - and even then, it costs money.

So I believe you have been poorly advised.

Unfortunately if he cannot afford sole ownership, the only way forward would have been to sell, or for you to remain on the mortgage until such time that a) he could afford it or be) you were both in a position to sell.

[Deleted User]

we cannot afford to sell the property as it was bought a few years ago and we have lost £100,000 on the house so its not as straightforward as selling it unfortunately. he is stll residing in the property at present

meer53

emmafairygirl wrote: »

we cannot afford to sell the property as it was bought a few years ago and we have lost £100,000 on the house so its not as straightforward as selling it unfortunately. he is stll residing in the property at present

So you will have to remain on the mortgage. Absolutely no need for the bankruptcy, it won't change a thing.

[Deleted User]

seems irresponsible of any court to grant me a bankruptcy order in that case

meer53

You're avoiding the question of who advised you to apply for bankruptcy ?

Did you take advice then make your own decision ? Or did someone actually advise you that you should go down this route ?

Could be an irresponsible decision on your part too.

[Deleted User]

I'm just looking advice thanks, not reprimanded. I did seek advice from CAB, financial advisor and solicitor. Any helpful advice much appreciated

meer53

emmafairygirl wrote: »

I'm just looking advice thanks, not reprimanded. I did seek advice from CAB, financial advisor and solicitor. Any helpful advice much appreciated

I'd go back to whichever of these advised you to go bankrupt. They should be able to help you get the bankruptcy annulled, if that's what you want.

I'll assume that one of them did recommend bankruptcy, as you still haven't said who it was.

[Deleted User]

update on this - divorce came through - without going bankrupt this would never have happened so im glad i went bankrupt