Hi, I'm 26 and having a hard time getting my head around all of this, bankruptcy is brand new to me so I have a couple of questions I'd really appreciate some answers to.
I bought a house with my partner 5 years ago when I was 21. We used a family friend as a broker and between one thing and another, unknowingly signed my soul away in the form of a waiver that stated I'd take on the mortgage if anything happened to my fiancé. Unknown to me, his life insurance policy lapsed after a year, and last April he passed away.
I've spoken to solicitors etc and the bottom line is I'm liable for the whole debt. I have been unable to pay the mortgage for the past year as I've also taken on all the bills that were covered by us both before. I spoke to the bank last week and they said based on my earnings and outgoings, the mortgage is unsustainable.
I've decided to hand the keys back, let the bank sell the house, and then declare myself bankrupt from the UK. I've got friends and family in Wales and that's where I'm going to go.
I'd really appreciate if anyone could give me a rundown/timeline of how this all happens and what I can expect. What will I need to do for the bank? How long will I need to hang around here, from when I actually give them the keys? Any other info, I'd really appreciate it.
Thanks
I bought a house with my partner 5 years ago when I was 21. We used a family friend as a broker and between one thing and another, unknowingly signed my soul away in the form of a waiver that stated I'd take on the mortgage if anything happened to my fiancé. Unknown to me, his life insurance policy lapsed after a year, and last April he passed away.
I've spoken to solicitors etc and the bottom line is I'm liable for the whole debt. I have been unable to pay the mortgage for the past year as I've also taken on all the bills that were covered by us both before. I spoke to the bank last week and they said based on my earnings and outgoings, the mortgage is unsustainable.
I've decided to hand the keys back, let the bank sell the house, and then declare myself bankrupt from the UK. I've got friends and family in Wales and that's where I'm going to go.
I'd really appreciate if anyone could give me a rundown/timeline of how this all happens and what I can expect. What will I need to do for the bank? How long will I need to hang around here, from when I actually give them the keys? Any other info, I'd really appreciate it.
Thanks