Question: I am considering going bankrupt. I am currently seperated from my wife, we have joint ownership of a house which is currently up for sale. the house is empty. my ex is not going bankrupt. the property has a mortgage of 132000 and is currently up for sale at 140000. if the house was returnes to the bank and there was a shortfall would she be liable to pay her half. i.e. if the house sold for 112000, would she be liable to pay half of the 20000 shortfall because she is not going bankrupt
Answer: If there is a shortfall from the sale of the property and it is jointly held and if you go bankrupt, your wife would be responsible for any shortfall.
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