Questions you have before making a decision to go Bankrupt and the Bankruptcy process

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#224912 Hello, I would be really grateful if anyone could please help on the following questions:

1. There is a secured loan on a property which is being sold. The secured loan company have agreed to release it from secured and it will become unsecured after sale of property. The loan is in joint names, however that relationship has now disolved and we are not together - can the debt be split into individual names to allow one of us to go bankrupt without the other having to do so?

2. Same as above with regards to mortgage shortfall debt?

3. If I went overseas to work, could I go bankrupt in the UK without having to return to the country to do so?

Thanks very much.
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#224920 1) You can ask. The creditor is very unlikely to agree. When a debt is jointly and severally liable they can go to both for up to 100% and they are not going to make it easy for one person to go bankrupt or worry that one might die when they could get it all from the other.

2)The same as above with regard to mortgage shortfall debt.

3) Yes, if you are far enough away sometimes the court will allow someone else to stand in for you - power of attorney I think. Someone though has to go to the court.

And finally even if the agreement to split the debts was made by a court this could be overturned. The court has no jurisdiction over a creditor only the parties in court.

I am sorry if this is not what you wanted to hear but as I always say, forewarned is forearmed.
#224925 Thank you very much Sarah, I really appreciate the response! I'm acceptant of reality - least that way one can understand what needs to happen! Thank you!
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