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2 Bankruptcies in one household?
BassetHound
Posts: 3 Newbie
My husband is about to go BR, all his debts are his and in his own name soley.
My debts are over 4 years old and due to ill health I have not worked for the past 3 years and therefore have no income. My husband pays for all the living expenses. My health circumstances do not look like they will change for the next few years.
My debts are approx £30,000 I have one asset the house we live in, it was left to me by my parents.
What are my options? Would I have to sell my home?
BH
My debts are over 4 years old and due to ill health I have not worked for the past 3 years and therefore have no income. My husband pays for all the living expenses. My health circumstances do not look like they will change for the next few years.
My debts are approx £30,000 I have one asset the house we live in, it was left to me by my parents.
What are my options? Would I have to sell my home?
BH
0
Comments
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What is the house worth and how old are you?0
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You owe £30k, and have an asset of £75k. What do you think the OR will do?
I don't think your creditors would be happy with the OR if your house was not used to settle the debt, only my opinion but I believe you will be lucky to keep the house. Sorry.0 -
Slow down, the OP asked what her options were.
First things first. The house is yours and your husband has no beneficial interest in it. You need to find a way of clearing your own debts but have no obligation towards his.
Will he continue to work / earn after bankruptcy?
Would it be possible to get a small mortgage (in your name with brother) which your husband can fund?
Are you paying rent to your brother for the other 50% ? I would suggest you should be.0 -
Slow down, the OP asked what her options were.
First things first. The house is yours and your husband has no beneficial interest in it. You need to find a way of clearing your own debts but have no obligation towards his.
Will he continue to work / earn after bankruptcy?
Would it be possible to get a small mortgage (in your name with brother) which your husband can fund?
Are you paying rent to your brother for the other 50% ? I would suggest you should be.
Husband is still working and will continue to, yes my husband pays 50% rent to my brother.
It is possible for my brother to raise a small mortgage but not sure if he would do it.
BH0 -
If you can share your problems with your brother please do so.
In return for his help you can legally adjust the ownership split, a solicitor should be able to explain how.
In doing so you should be able to avoid a second bankruptcy in one household and stay in your home.0
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