any help appreciated....i owe approx £45,000 and am going through a split with my wife. we have a mortgage where all payments have always been kept upto date. my wife is politely asking the mortgage company to transfer the mortgage over to her name as she can afford to pay for the house herself. my question is if i go BR with the morgage in my wifes name and the only debt taken with me into BR is in my name then is there any comeback on my wife (now split up) and can they chase her for money in her name or will it jeopardise the house (barely any equity in it)
thanks,
Hey john, welcome to the forum. If you signed over your share of the house to your wife then it may be deemed to be selling an asset at undervalue if your wife does not pay what it is worth. The OR could overturn the transaction. I would get a valuation first and see how much equity there actually is. Please wait for a BR expert to advise you. X
You should not transfer any of your estate to your wife at a time when your are personally insolvent, without the benefit of legal advice. If you do have equity in your property, which would need to be calculated under an independent professional valuation of the property, then your wife will need to pay a fair market value for your interest, and that money ought to be offered to your creditors.
Best to always take professional advice in these circumstances, especially if you have decided that bankruptcy is the only option available to you.
