Author Topic: HELP PLEASE!!!  (Read 1466 times)

buddyboo

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HELP PLEASE!!!
« on: Nov 26, 2010, 09:29:57 AM »
I have around 48K of debt, my partner doesn't know and I am making myself ill trying to sort this out.  I think I will need to go along the route of either an IVA or bankruptcy but I am not sure how this will effect my house etc.  I jointly own it with my partner and it has perhaps about 20k equity.  Will I loose it if I declare myself bankrupt.  What if I sign my half over to him?  I really am at my wits end and do not know where to start any help advice would be welcome  :-[

James Falla

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Re: HELP PLEASE!!!
« Reply #1 on: Nov 26, 2010, 10:57:42 AM »
Hi buddyboo
 
In these situations, the first thing I always say is can you find any way to come clean and tell your partner? If so, he will be upset and shocked for a while but once he has calmed down, having him just knowing that you have the problem and are sorting will be such a relief.
 
In terms of the solution, Bankruptcy is a possibility but you have to be very careful about the house. You can not simply sign over the house to your partner as in bankruptcy the court can still look at a property for 5 years. However, your partner could make an offer to buy your half of the equity from the court. This would probably have to be in the region of £7-8k
 
An IVA could certainly work for you however, you would need to be able to maintain payments of c£350 a month. You would also need to agree to consider releasing some of your share of the equity at the end of the agreement. Clearly at the time you would need your partner's support to even consider this.
 
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bankrupcyus

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Re: HELP PLEASE!!!
« Reply #2 on: Nov 30, 2010, 05:10:17 AM »
In terms of the solution, Bankruptcy is a possibility but you have to be very careful about the house. You can not simply sign over the house to your partner as in bankruptcy the court can still look at a property for 5 years.


James Falla

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Re: HELP PLEASE!!!
« Reply #3 on: Nov 30, 2010, 11:49:49 AM »
Not sure how helpful the last post was simply copying info from the previous one but hey.....
 
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