question category: Creditor Calls & Letters

thinking of going bankrupt i have got a secured loan on the house in joint names with my x
Submitted on: 6th May 2009 by Non-Member | Total Answers: 1

me and my x partener have a secured loan on the property he wont paythe debt as he isnt living there i cant afford this and the mortgage aswell if i go bankrupt will i lose my house as there is no equity in it regards julie

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Re: thinking of going bankrupt i have got a secured loan on ...

Not necessarily, but bankruptcy won't usually help you stay in the house as it won't help with your secured debts.

Your secured debts are a priority as if you don't pay them the lender can go for repossession.

There are schemes available from the government

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArr...

and Shelter
http://england.shelter.org.uk/get_advice/repossession/mortgage_arrears

If there is little or no equity in the house you can "sell" it to a 3rd party for a nominal sum - but you would still have to keep up the payments on your secured debts.

I hope I answered the question you wanted me to!

Submitted on: 6th May 2009 by Darren Member

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