Bankruptcy

[mlp3282]

My ex left the property 2 years ago and over a year ago he stopped contributing to the mortgage and signed a Notice of Intent for me to take sole responsibility for the mortgage and property and equity and him to be released from the same. I cannot put my mortgage in sole name as I am on a Debt Management Plan. The equity in this property is from the sale of my previous property owned alone for 9.5 years and 6 months solely. He wrote me a note (in the contact book not appropriate at all) saying he is going bankrupt and I will lose the house and me and the children are homeless. I have telephoned the Halifax (MP) and they are seeing what they can do but does anyone know if the house will be used with two children living in it?

Thank you - I am at my wits end. He is also threatening to abduct them but that is another matter.

Give the folk at National Debt Line a ring and have a chat about your circumstances
NDL

If you can prove that you most money into the deposit then this is taken into account by the OR ( official receiver). So if for example the house sells for 150k and there is 100k left on the mortgage then there is 50k equity. Now if you put 50k deposit down then that money is yours, you can prove it so it's not worth the OR selling the property.

The OR has 3 years to deal with the property after the bankruptcy so if the equity is greater than this it will be divided with your deposit being paid first and then the rest would be divided proportional to how much extra time you've been paying the mortgage for. You will be given the opportunity to purchase the OR's interest.

That is a simplistic view and obviously there isa bit more to it than that as I don't know exactly what your circumstances are so please ring NDL and talk through the ins and outs with them.