keeping your home after bankruptcy

[argento]

If my IVA is rejected (not wanting to look on the bad side of things, but you never know...) and I had to claim bankruptcy, how could I keep my house? My wife and I are joint owners. Our mortgage is 95k and our home is worth 110K. If I went bankrupt and my wife bought my share of the property would she only have to find 7.5k or half of the total value? If she only had to find half the equity would I still be allowed on the mortgage or would she have to be the sole owner of the property? Or if, for example, I could get my half of the equity from a family member would I be able to keep my mortgage the same and offer the OR the lump sum instead?
Thanks.

[mikebdomain]

How much is your secured debt and how much is your unsecured debt?

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Mortgage Broker
Specialising in adverse credit.

[argento]

my secured debt is my mortgage of 95K (jointly with my wife).
My unsecured debt is 48K - mostly credit cards, in my name only.

[mikebdomain]

Looking at your previous posts it would suggest that 25% of the 48k is with Northern rock is this not part of a together product? therefor held jointly with your wife

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Mortgage Broker
Specialising in adverse credit.

[argento]

no - fortunatley.
Our mortgage is a standard fixed rate mortgage. The loan is an unsecured personal loan I took out with NR shortly after moving into my house. It is in my name only.

[mikebdomain]

I am NOT a BR expert - so please seek advice from the BR experts on this forum

But on previous experience, IF THE IVA FAILS - go bankrupt and your wife makes a token offer for your equity in the property.

Remember that if you go BR and stay on the mortgage your equity ALWAYS belongs to the official receivers office

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

[argento]

thanks for the advice.My creditor's meeting is on Sept 10. Hopefully, my IVA will be accepted and I won't have to look at BR.
Good luck to evryone else in my boat!

[MelanieGiles]

The amount required to be found to acquire your beneficial interest would be £7,500 based on the figures you have presented. This could be paid by your wife, in which case she would be wise to have title to the property transferred into her name, or a family member or friend.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk