Please Help with Bankruptcy and join property

Stocksm8

New accounts opened last month. I went BR in N Ireland on 21/3.

Stocksm8

My debt is due to gambling from 2000 - 2005. I have had over 100 credits accounts over a ten year period. I did state all this on SoA. I had 15 creditors but 5 are payday when i went BR.

tigerfeet2006

Well the rules in NI are different to here so can't really say but you may get a BRO, or their equivilant for the gambling and I expect the fact you took the Payday loans out will be looked at and considered with that.

alastairq

If you and your spouse own property simultaneously, that property may be included in the bankruptcy land parcel and be potentially accessible to pay creditors.

To add, the OR is only concerned with the BR's 'share' [or, 'interest] in a property, in a bankruptcy.

In this instance, the property concerned is in negative equity...therefore the BR's interest in that property amounts to nil value.

Unless the OR reckons the property's value is going to dramatically increase in a few years time, then the beneficial interest is reverted back to the BR.


The OP's concern focusses on the fact, his property has a joint mortgage.

He and his spouse wish to get rid of it.

As he is looking at BR, any subsequent shortfall on the property [whether sold by agreement, or re-possessed]....is..or may, fall completely to his spouse.

[Shortfall is unsecured debt...the mortgage pre-dates his potential BR, so his portion would fall in that BR....thus his spouse will be pursued for the full amount.]

What the OP is trying to do is to minimise the effect a shortfall will have on his spouse, and her limited cash assets.

His spouse's cash assets would have nothing to do with his BR. [not his assets].

BR will have no worse impact on future life than scurrying round trying to re-pay debts in an impossible situation...and certainly that course of action won't benefit creditors.

BR does allow the individual to make a fresh start.

Or, is that fact viewed as an adverse impact?