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Bankrupt and Joint Mortgage – What can I do?

Before bankruptcy my wife and I both had properties and we used one of these to raise capital to fund a new business in 2007. We both signed an agreement. The business closed in 2011 and i was made bankrupt the same year. My wife was not made bankrupt and her name was not on the business. My question is has my interest in the 2nd property been removed by the receiver. How does this affect my wife as her name is still on the property and the property is in negative equity by some 60k.

Well, your half share has been taken over by the Receiver, which essentially means that your wife now has a joint mortgage with the Official Receiver and not you. The Official Receiver has 3 years in which to realise any claim against the property and would probably hope that your wife continues paying the mortgage and that the property increases in value.

If it is clear after 27 months that there is no equity in the house then the Official Receiver will withdraw his interest in the property. The big question is going to be what are you going to do with the property which you say is in negative equity, as you may be throwing good money after bad just to hold onto a mortgage.

Bankruptcy UK has been assisting the public since 1998 and has the experience to get you the best result every time. Feel free to call us on 01425 600129 for a chat about your circumstances.

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