PROPERTY/BANKRUPTCY/IVA

[sarah1975uk]

As most of you know im going through the process of an iva at the moment. Need a bit of help will try and keep this short and sweet and concise lol.

Seperated from my husband 18 months or so ago. Prior family home in joint names, he lives there alone now. He has been paying mortgage i have not contributed since i moved out. he refinanced the house to give me money to buy the home i now live in with the children.

Both of us have a lot of debts some in my name some in his name and some joint.

Now within my current iva i have told my ip everything about being on the name of both mortgages and all circumstances surrounding everything. which is fine and my ip has accepted as have the creditors.

I have contacted the mortgage company on the old family home to try and get my name taken off of the mortgage, which am still in the process of sorting out. Although my husband pays the mortgage etc he is still on a really tight budget financially. now i have plucked up the courage to tell him about my iva. He has said that he wants to go bankrupt but only just mentioned it as he was scared of the impact on me and the children.

What i need to know is if i get my name taken off the other mortgage and he takes it on in his own name and then whether now or in a few months time decides to take the plunge and go bankrupt. Will the official receiver go mad that i have taken my name off it and that im in my own iva? or will he see that i moved out ages ago hes been lving there alone and paying the mortgage and simply cant cope and its why hes going bankrupt? or will he come for me for the liability of the home even tho at the point of bankruptcy my name wont be on the mortgage anymoe??

Any help would be much appreciated.

Thank you for eveyone's help & Support xx

[MelanieGiles]

Your suggestion will not cause any problems with the Official Reciever Sarah. What you are doing is tidying up your matrimonial affairs, not giving away assets or liabilities. From your earlier posts, this mortgage is fully secured in any case isn't it?

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

[sarah1975uk]

Hi Melanie thanks for your reply xxx

the home i live in with the children is in my sole name no secured loans or anythng against the property or mortgage. The old family home mortgage is in joint names with no additionalsecured lending against it other than the mortgage.

Thank you for eveyone's help & Support xx