Tilly V mortgage express repo

[Goldlady]

I have some friends in a similar situation and I have told them to get on with finding somewhere to rent so they can get on with their lives. They are both likely to go bankrupt anyway - but what I am anxious to ensure is that the shortfall in the property is included in the bankruptcy if that happens before the repossession, if you see what I mean.

[**Tilly**]

wouldn't both parties have to go bankrupt to discharge any liabilities?

 

If one party went bankrupt, would any shortfall or debt still be considered "alive" and remain as a black mark until cleared?

 

If the other mortgage holder did not declare themselves bankrupt too then they could still be pursued for the debt for 12 years. I don't believe that Tilly could though which is why I believe she should seriously consider this option.

 

 

So if i go bankrupt, but x oh doesnt he gets persued for shortfall, and i dont :o must admit that bought a smile to my face how cruel is that

[**Tilly**]

Sorry for late replies i am not receiving any email notifications

[caro]

Tilly you wicked, wicked woman.

[**Tilly**]

Tilly you wicked, wicked woman.

 

Who Moi !!!

[Hopeful1]

So if i go bankrupt, but x oh doesnt he gets persued for shortfall, and i dont :o must admit that bought a smile to my face how cruel is that

 

I can hear some fighting spirit coming out

[Goldlady]

Revenge is sweet:p

[**Tilly**]

Oh yes, whats the saying what goes a round comes around

[Ell-enn]

Revenge is a dish best served cold bide your time Tills:)

[**Tilly**]

i will Ell, when least exptected lol,

 

Me thinks tills is back 100%

 

 

Thanks guys mwahhhhhhhhhhhh xxxxxxx

[sea-sidelady]

Nice to have you back. xxx

[**Tilly**]

Nice to have you back. xxx

 

Thankooooo

good to be back i missed me

[tonycee]

Sorry to be the bearer of bad news but bankruptcy is not an automatic right.

 

ALL things will be considered before a decision is made.

[kia]

yep but shes stronger enough now to handle it with her friends right be her :)isnt that right tills xxxkia

[**Tilly**]

yep but shes stronger enough now to handle it with her friends right be her :)isnt that right tills xxxkia

 

In a word Kia

[gizmo111]

Sorry to be the bearer of bad news but bankruptcy is not an automatic right.

 

ALL things will be considered before a decision is made.

 

I am unsure what you are basing that information on, because to my knowledge since the Enterprise Act 2004, if your debts are greater than your assets the BR is an individuals right.

[TideTurner]

Not really happy with the position here, and need a bit more clarity. Following possession, ME should obtain a monetary judgement against you and x. Whether you can then discharge your part of the debt through bankruptcy may depend on clarification that your portion of the debt is included, and x is liable for the remainder. Also, can this then be removed at a later date if x doesn't settle?

[**Tilly**]

Hi Tide

 

I really dont know which im going with BR yet, convo sorry if the bit of banter has

confused everyone on above posts

 

On a brighter note have another viewing tomorrow morning,

so maybe by dropping the price again is starting to work,

 

 

 

Tills xx

 

[gizmo111]

Not really happy with the position here, and need a bit more clarity. Following possession, ME should obtain a monetary judgement against you and x. Whether you can then discharge your part of the debt through bankruptcy may depend on clarification that your portion of the debt is included, and x is liable for the remainder. Also, can this then be removed at a later date if x doesn't settle?

 

If Tilly chooses to go bankrupt, then the full shortfall will be inclded in the BR. It is not a case of portions of the debt being put into the BR.

 

She will no longer be liable for it, however as it is a joint debt ME can still chase her husband for the FULL amount, as he is jointly and severably liable for the whole amount. Bankruptcy does not write off a joint debt, it just means that the person who has taken this route is no longer liable for it.

[Bona]

Personally We had that option but did not take it as things changed as weeks went on This could well happen to Tilly.Firstly Tilly needs to either sell or move out if she cant fight repossession. Untill then and as I understand there is no eviction date ( havnt been around much latley fighting battles but back now ) Tills needs to pay what she can on her mortgage relax try to enjoy life a bit because she will need all her fight and strenght when the time comes and then and only then can she decide what is best for her

[Tawnyowl]

Tilly-have just read your thread from end to end and have managed to have breakfast and dinner while reading it.Am now on glass of whisky.My god you have been through it.

You gave me support when i went to court for repossesion and i give you my full support whatever you decide to do or what is forced on you.

After reading peoples views on Bankruptcy i have allready decided to go Bankrupt {if allowed}if i fall behind again but i owe over 15000 alltogether.

I also read back in your thread somebody saying put your postcode in and see what propertys are selling for {or not) and was astonished to find30% reductions in my area and still not selling.

You have worked so hard and have found yourself in this position through no fault of your own- it is a moving experiance you are going through.

I personally cannot offer you advice as most of the people who are trying to help you have helped me in the past.What i can say after reading your thread it has helped me in many ways so thats not a bad thing.

It sounds like things are building up to some sort of finalisation and wish you all the best and can only wish you well.I wonder what the true picture is round the country for many families.Will follow your threadclosely .Good health-Tawnyowl

[honey5]

I wonder what the true picture is round the country for many families.Will follow your threadclosely .Good health-Tawnyowl

 

I accompanied a friend of mine only last week to court in newcastle, apart from her hearing (which thankfully went well) there were another 18 hearings the same day and all were Northern Rock~V~ ..........

 

honey x

Edited July 5, 2008 by honey5

[Ell-enn]

That's right Honey - repossession hearings are getting busier by the day!

[**Tilly**]

Hi Tawnyowl

 

Thankyou for your support, i am pleased the thread has been helpfull to you and

hopefully many others, that find themselves in a simular position. I hope everything

goes well for you take care and good luck.

 

 

 

 

Tilly

[MilkTrayMan]

Errrm...I know it may sound daft, but what has BR got to do with Bill's Repossession??...:?

 

BR hasn't existed in it's original legal form since 1993.

...Or am I completely on the wrong track here??...

 

 

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