Bankruptcy

[POM GIRL]

Hi All.
My son is about to go bankrupt, having tried all other avenues he feels he has no choice.
My concern is, will this affect the family home that his wife and children live in, my son no longer lives in the house, as he and his wife split up earlier this year, due in part to the financial situation, he is still paying half of the mortgage, but this is getting more difficult as now he also has to find extra money to pay the rent on his bedsit,
The family home is very much in negative equity, so nothing to gain from selling it.
Many thanks for any help. pomgirl.

[pink-kittens]

I can only tell you what happened to my sister and her husband
They didnt lose their house but they had to sell it (to the administrators I think) then buy it back for a nominal amount
Fingers crossed this happens to your son - Good luck

[dothawkes31]

he should get help from the cab before he does anything else, or has he already gone down this route?

[POM GIRL]

Hi.
Thank you dothawkes31, No he has not yet gone down that road, and he will go to the CAB befor he dose anything else.
Hi pink-kittens. thank you for your reply, which gives a chink of light at the end of the tunnel, thanks also for the good luck wishes, and i hope that yor sister and family are now out of the financial black hole.

Pomgirl.

[themas]

He should go to CAB, as suggested.

But if the house is in negative equity the Official Receiver will offer his share in it (which will vest in the OR when he becomes bankrupt) to his ex-partner for a nominal sum.