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UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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Hi, Dont know if you can help Im talking with the Citezens

Customer Question

Don't know if you can help

I'm talking with the Citezens advice centre about going Banrupt or into a debt recovery order. The problem is my debts are under the 15K threashold however I got divorced 5 years ago and im still on the mortgage of the former matrimonial home I do not pay or have not paid the mortgage since the divorce. The divorce stated she will indemnify me and I have signed over my benificial interest in the home it has a 160K mortgage and has a vale of £300K

As stated she has to get best endevours to get me off the mortgage but she can't as they wont allow her to be on the mortage on her own

The CAB say I have to go into full bancruptcy and declare the mortgage however I'm sure that I don't have to as I have no intrest in the house and even if she stoped paying the mortgage there is sufficient equity for the mortgage company to not have to call on me. I think I should be able to go for a Debt recovery order

Any advice?

Submitted: 4 years ago.
Category: UK Bankruptcy Law
Expert:  UK-Justice replied 4 years ago.
Thanks for your question, I will do whatever I can to help you. Please remember to rate my answer SMILEY FACE OR ABOVE.

The problem is this.

If you are still named this is a problem for you.

You can not own any assets over £300.

You do I am afraid. You have an interest in the property even though you have signed it over.

If your name is taken off the property / mortgage then you CAN go into a Debt Relief Order.

But until you get rid of that asset you can not have a DRO.

If you do have the asset then you can NOT have a DRO.

So you must get rid of this.

I hope this helps.

Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Expert:  UK-Justice replied 4 years ago.
I'm just following up with you to see how everything is going. Did my answer help?