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Bankruptcy and joint mortgages, what law?

9 years ago - Posted by tad_admin

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

3 Answers

TAD Member

9 years ago

I am letting the house to pay for the mortgage, which I hold jointly with my former partner, who is contemplating bankruptcy. The mortgage includes his debt of £15,000.
What sort of a mess am I in? Could I be forbidden to take out a mortgage in future? What might I be financially liable for? I have son aged one year.

TAD Member

9 years ago

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

TAD Member

9 years ago

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?

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