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Posted: Mon May 04, 2009 4:58 pm
by ac7
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
Posted: Mon May 04, 2009 5:23 pm
by neverending
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
Posted: Tue May 05, 2009 7:25 am
by David Mond
Andy is spot on - Seek professional advice ac7.