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Joint mortgage and bankruptcy
Johnby
Posts: 2 Newbie
I have a joint mortgage with my son and I own 60% share - he now faces bankruptcy - I am paying the mortgage and it is up to date. If he is made bankrupt or declares it himself can the house be touched?
My understanding is that the house is outside the bankruptcy unless it is sold and realises any assets during the bankruptcy. The debts are not secured to house.
I would appreciate some advise.
My understanding is that the house is outside the bankruptcy unless it is sold and realises any assets during the bankruptcy. The debts are not secured to house.
I would appreciate some advise.
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Comments
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Is there any equity in the property?0
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No equity as such0
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