Advice needed please,bankruptcy

[supersione]

Hi this is my first post and im in need of some serious advice concerning my ex wife and a joint mortgage.Basically this is what has happened to me over the past 3 years.I left my ex wife and moved out of our house,in the time we were split up but still living together i put the house on the market but she decided that she wanted to stay in the house and pay for it herself(at which time she was working).So i moved out and let her pay for the house herself on the promise that my name would be taken off the joint mortgage.Over time this never happened and she quit her job thus meaning she couldnt afford the monthly repayments,i now have a new partner and place to live,so now she/we are £7k in arrears and the bank are wanting to reposess.Now she is talking about going bankrupt,i dont know anything about this subject and need to know what effects it will have on me? And is this the best course of action if not what else can be done?

[IdaInFife]

Hiya and Welcome to CAG,

 

If your ex goes ahead with bankruptcy then yourself will be solely liable for any arrears etc with the property.

 

Have you been to see your mortgage provider to explaint the cirumstances and see if there is any resolution?

 

Is there any equity in the property?

[supersione]

Hi there,she is in constant touch with the bank and they are trying to help but she doesnt seem or want to work?...The property has negative equity and this could be,if reposessed in the region of 30k.I have spoke to the lender but i cant afford to pay nor want to pay towards a house where iam not living in also i have my own place with my fiance.The bank have sent her a form to fill out which wants both of us to list our income and outgoings,should i fill this out and let them into my personal financial circumstances?...She is getting help/can get help from the government,around £350 per month which gets paid direct to the lender but this is only half the monthly payment.So they keep on adding penaltys to the outstanding balance....!

Why would i be solely liable for the outstanding arrears?this is difficult to understand,it means she gets away with no debt but id be lumbered with her arrears....?

[IdaInFife]

if they want income and exp there are looking to see what both of you can afford to pay

 

if you ex goes BK and is on benefits then she will have little monies to pay the trustee which means any outstanding debts that are in joint names, the lenders will then seek repayment from you .

 

any joint debt mean they can persue either or both but if your ex goes BK then will will look to you for any arrears and or shortfall

[supersione]

Firstly thanks for all the advice...Is that because iam working?..it all seems very unfair and im going to be the one that suffers most from this.Also reposession is an option,that would mean both of us liable for any outstanding balance? In your opinion what would be the best solution for me and her?

[IdaInFife]

Firstly thanks for all the advice...Is that because iam working?.. they will try and recover the monies from the best person in their eyes it all seems very unfair and im going to be the one that suffers most from this.Also reposession is an option,that would mean both of us liable for any outstanding balance? as above you would both be liable but if your ex is on benefits aand or goes BK, they still would want the monies from you In your opinion what would be the best solution for me and her?

 

I can not honestly advise you the best option to take. This is one of the dangers of not 'sorting out' things when partners split.

 

you could also ring national debtline as well for any further advice or CAB in some cases.