my name is on the mortgage with my husband and this is the only joint debt we have, if I had my name taken off the mortgage and declared myself bankrupt what effect does this have on my husband
How would you take your name off the mortgage, and how much equity is there currently in the property? Your interest in the property will vest in the bankruptcy Trustee, so your husband will be asked to buy out your interest and if he cannot afford to, then the house may have to be sold.
You should not petition for your bankruptcy unless you have had professional advice, especially where there is a property involved.
An Insolvency Practitioner or other debt advisor will be able to offer you this initial advice for free.
One of the things you should consider is how much equity you have in your home, and whether or not your husband will be able to afford to buy your share of the equity back from the Trustee. A good starting point would be to ask an estate agent to value your home. You need to ensure that he gives you a realistic sale price. If you approach the estate agent on the basis that you want to sell the property there should be no charge.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
