question category: Bankruptcy

Bankruptcy and joint mortgages, what law?


I have a joint mortgage with my wife. If I am made bankrupt what happens to the house?

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Bankruptcy and joint mortgages, what law?

If you have a joint mortgage then the official receiver or insolvency practitioner will want your share of the equity. You may want to read this question and answer that talk about this subject in more detail. Will I lose my home?

The issue of bankruptcy and your home is one of the most complicated and potentially stressful parts of bankruptcy and should be addressed head on as early as possible. The official receiver or trustee will take an interest in your property and you will need to investigate how you might be able to finance the purchase of your share from them.

Here's some more useful bankruptcy information.

Have you considered the alternative solutions - IVA and Debt Management?

 

Re: Bankruptcy and joint mortgages, what law?

The official receiver will only want your share of the equity in the house, quite different from wanting your share of the house.

 

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