Our home is in joint names and personal guarantees were given to support the bank o/draft. How will this affect us?
This will come down to whether or not there is any equity in the home. When you enter into bankruptcy, the Official Receiver looks at property holdings to see if it is worth selling these to release funds for the creditors. If there is little or no equity, any decision is usually deferred for 27 months at which point another assessment is made.
The courts are not in the business of making people homeless and provided you have continued to make mortgage payments, in most cases no further action is taken. However, this can be a tricky area and you might want to call us to run through the details.
Feel free to call us with any further questions or for bankruptcy help on 01425 600129 or 07479 739139 / 07894 481175.