I saw this question posted on Yahoo! and the misunderstanding that is obvious from the question and the answers that were posted meant that I had to write this post. In the UK there is almost never any need for the removal or sale of a person’s goods as a result of bankruptcy. You must remember [...]
Continue reading about What Can Bailiffs Take if I am Declared Bankrupt?
A condition of bankruptcy in the UK is that all the bankrupts major assets (including their home if they own it) need to be sold to provide funds to pay some money to their creditors. This applies even if the bankrupt shares ownership of their home with a partner. If nothing is done the administrators of [...]
If your partner declares themselves bankrupt and you have a joint home/mortgage then clearly this is going to be a very worrying time. The good news is that mortgages (being secured debts) are not directly affected by bankruptcy which only applies to unsecured lending (credit cards, personal loans etc.). As long as you and your [...]
Continue reading about What Happens to a Joint Mortgage if One Partner Declares Themselves Bankrupt
