going bankrupt question

[moneyclown]

I understand what happens to a persons credit when they are declared bankrupt. But what happens to the property that you live in? Is it true it blacklists that property or is that an urban myth? My partner owns the house and quite obviously doesn't want anything bad against his house.

[MelanieGiles]

Are you talking about a property which is owned or rented? If the former, your interest in the property will vest in a Trustee in bankruptcy who is tasked with the job of realisings this to pay off your creditors, if the property is not yours but you are renting, then an adverse credit reference will relate to you living at that address. It is not the actual property which is blacklisted.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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[iva experts]

Hi Moneyclown,

Your partner's property will not be blacklisted, however your credit file will show you bankrupt and living at his address. This should not affect his credit report.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Skippy]

I went BR while living at my partner's address and he has just been approved for a mortgage so it doesn't look as though his credit has been affected.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[moneyclown]

Thank you

[iva experts]

Not a problem, be sure to post any more questions you may have [:D]

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/