Little bit of Advice please

Paulm

Hi ,,

Basicly my dad is currently in abit of bother money wise.
Mainly credit cards and a loan.
The one thing he has kept on top off is his mortgage , though now he is considering bankruptcy due to the pressure of struggling to keep on top of all his debt.

The House is in both my parents name , though my mother dosent work.
Basicly wondering if he went through with his Bankruptcy , what are the chances of him being able to keep his house ? , hes pushing nearly 60 ,if he was to lose the house he wouldnt have nothing for his retirement.

If the case is no , would there be anyway of shifting his mortgage into my name etc ?.

Any help would be appreciated.

Dez-Titute

Introduce him to the internet,Help him as best you can.
Get Him to contact one or all of the following National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | local Citizens Advice Bureau.
Sit him down and work out a Statement of Affairs (income & expenditure) yet, without payments to debts? And if he's OK with it put this up on here then the someone here will be able give further guidance.

Glad your trying to help them they have probably got in this mess trying to get you to where you are now.

Keep posting
and if you want to discuss in private PM any one who you feel can help I'm sure they won't mind


Big HUGS DEz

skylight

He needs professional help, especially where homes are concerned - they are minefields.

Sorry to say that age is immaterial in BR, but basically the OR will look at whether he is in arrears, any equity in the property and comparable rents in the local area.

Now, if there is any equity in the property, then that is split 50/50 between him and your Mum and as there is another person involved (your Mum), as your Dad is not in arrears then the OR is likely to offer your Dads beneficial interest to be bought by your Mum or another relative (you). How much this will be will depend completely on individual circumstances.

But - if there is a huge amount of equity and his share outweighs his debts, then he is not insolvent and therefore the judge will not permit your father to be declared bankrupt!

As I said, a minefield, so professional advice is a must!

skylight

With regards to shifting the mortgage into your name rather than BR route, this is something you would have to discuss with your solicitors/bank or mortgage provider etc as usually the mortgagee needs to be on the deeds and there would be implications depending on the value of the property compared to the value of the mortgage. A re-mortgage may be available perhaps? Again, another minefield.