Phreaked Out
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So I made a mess of things and it all went This post will be deleted if not edited to remove bad language up with an investment property which went into massive negative equity in the crash and needs too much work to bring in any rental and wouldn't even half cover the cost of its mortgage. Add that to my being now unemployed. The bank have been totally intransigent when it came to discussing solutions on the buy-to-let. The advice from a group of financial advisers was to go for bankruptcy. The family home is in both our names (we are not married but have 2 kids) and she's been paying the full cost of the mortgage for the last few years.
The financial advisors said that with the family home in negative equity and her paying the mortgage each month the Official Assignee would merely look for €5k, the property would be transferred solely into her name and that would be that as far as the family home (the survival of our relationship is a distinctly different matter).
The thing is that with my signing of the bankruptcy forms nearly upon me the house may have crept out of negative equity. And now I'm freaked out that once my portion of the property goes to the OA they'll get pushy about a solution, and something will occur that will end up with the loss of the home. The financial advisors have changed their tune slightly to a less assuring tone. Does anybody know the OAs current thinking on these matters. I'll do anything not have my kids put out on the street.
The financial advisors said that with the family home in negative equity and her paying the mortgage each month the Official Assignee would merely look for €5k, the property would be transferred solely into her name and that would be that as far as the family home (the survival of our relationship is a distinctly different matter).
The thing is that with my signing of the bankruptcy forms nearly upon me the house may have crept out of negative equity. And now I'm freaked out that once my portion of the property goes to the OA they'll get pushy about a solution, and something will occur that will end up with the loss of the home. The financial advisors have changed their tune slightly to a less assuring tone. Does anybody know the OAs current thinking on these matters. I'll do anything not have my kids put out on the street.