Debt Advice Forum › Forums › Debt Solutions › Bankruptcy › Husand Made Bankrupt Tagged: bankruptcy, house repossession, partner bankruptcy This topic contains 5 replies, has 2 voices, and was last updated by Debt Advice Forum 6 years, 9 months ago. Viewing 6 posts - 1 through 6 (of 6 total) Author Posts October 29, 2013 at 8:54 pm #558 Gail Mcfadyen My husband has been made bankrupt and one of the companies he owed has a second charge on the house and want the debt repaid within 3 month. My fear is they could repossess the house if we are unable to raise the money which i don’t think we’ll be able to do. Are they allowed to give us such little time to raise the funds and is there anything we can do to keep our property? October 29, 2013 at 9:07 pm #560 Debt Advice ForumKeymaster Hi Gail, There’s a few things we’ll need to know before being able to answer your questions. How much equity is in the property, if any? How much is the debt Who’s name is on the mortgage? Who’s name is on the second charge Thanks. October 30, 2013 at 8:47 am #561 Gail Mcfadyen Thanks for the response, there is about 80k equity the overall debt was 100k but the second charge is 35k just my name is on the mortgage i signed the second charge with my husband to help him get finance for his business Because it was him that was made bankrupt and the mortgage is in my name i thought they wouldn’t be able to take the house. October 30, 2013 at 1:48 pm #572 Debt Advice ForumKeymaster Hi Gail, Is any of the 100k (apart from the second charge) in your name or was it written off with your husbands bankruptcy? October 30, 2013 at 6:57 pm #586 Gail Mcfadyen No, none of the £100k debt was in my name and was written off in the bankruptcy except the £35k secured loan which is in my name also. I do have other debts of my own which amount to about £10k but i am able to pay them each month no problem. November 1, 2013 at 9:34 am #590 Debt Advice ForumKeymaster Hi, The second charge will likely have to be repaid within the three months, but there is a few ways this can be done. Release Equity – If you are able to re-mortgage this would release your equity and free up money for the debt Borrow Money – Getting a loan would help repay the debt now and give you a longer period of time to repay, however be careful you are able to repay the loan before agreeing to it Negotiate – At this stage it’s unlikely the company with the second charge will negotiate but it might worth trying Your problem is complex so it’s probably best you give us a call at Debt Support Trust on 0800 085 0226 so we can give you detailed advice. We look forward to speaking to you. Author Posts Viewing 6 posts - 1 through 6 (of 6 total) You must be logged in to reply to this topic.