if i get my house repossed what happens

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ac7

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Post by ac7 » Mon May 04, 2009 4:58 pm
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if i get my house repossed what happens to the outstanding money
and if i go bankrupt but partner doesnt can just my half of the debt be wiped away thanks
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neverending

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Post by neverending » Mon May 04, 2009 5:23 pm
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Hi
If your house is repossessed and there is a shortfall then that will become an unsecured debt that you will both be liable for if it is a joint debt.
If you go bankrupt your debt will no longer be your responsibility, however your partner will still be liable for the full shortfall because with joint debts your are both liable for the whole debt, not just half of it.
Regards
Andy Davie
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David Mond

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Post by David Mond » Tue May 05, 2009 7:25 am
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Andy is spot on - Seek professional advice ac7.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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