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
You may have met people that say “I’m going to declare myself bankrupt” and I won’t have to pay back any of my debts including my mortgage. There is nothing to stop you declaring yourself bankrupt if you have a mortgage. However please note that secured debts (like mortgages and car loans) are not directly [...]
Continue reading about Can I Declare Myself Bankrupt if I Have a Mortgage?
Banks declaring bankruptcy seems to be a popular concern at the moment with major financial institutions in the US and UK either failing or being taken over. Obviously the answer people want to hear depends on whether they are depositors or debtors with the bank in question, with debtors wanting to see the bank and all record of their [...]
Continue reading about What Happens if Your Bank Declares Bankruptcy
