if i go bankrupt will my wife loose the house

rogerthedodge21

Im a partner in a business and i think im near the end, it looks like bankruptcy is the only option, if my wife can keep paying the mortgage in her own right will we loose the house or will the dept the house?

Thanks

Roger

National_Debtline

Hi Roger and welcome to the forum.


If you are named on the mortgage, or are deemed to have a "beneficial interest" in the property, there is a risk that it could be sold in the event of your bankruptcy in order to release the value of your share.


All the more reason that you should seek full, independent advice on the bankruptcy process before taking the plunge.


In the meantime, is there anything more you can tell us about the level of debt you owe, and whether there is any equity in your home?


Dennis
@natdebtline

tigerfeet2006

Further to NDL's excellent reply may I also suggest you ring their sister company, Business Debtline and get some free, impartial advice as well.

https://www.businessdebtline.org/