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Buachaill, Barrister
Category: Law
Satisfied Customers: 10525
Experience:  Barrister 17 years experience
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Buachaill, There is the' New Beginnings' project for

Resolved Question:

There is the' New Beginnings' project for bankruptcy proceedings - Could this come into play considering that I am in negative mortgage equity, on a part-time wage, a post-graduate part-time PhD researcher, with an unemployed spouse (with AD - Aspergers Syndrome) who I wish to separate from / divorce? If granted I would not have to settle the remainder of the mortgage? My spouse has worked before (pre-diagnosis) but has not applied for work in the past 6 years. He is studying a level 6 course at present. This is paid for via Springboard. Who knows if he will gain employment eventually? He drives, and is therefore independent. He also has a free issue travel pass. He may be able to work, but has not so far seriously engaged with this prospect. Sometimes he has been sacked, due to his behaviour - questions of dishonesty. Will this be taken into consideration as regards ***** ***** maintenance demands that he could make in future?
- Thanks, Alison
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Bankruptcy would only come into play if you had more debts than your mortgage debt. New Beginning run seminars for people who are seeking a debt plan or some arrangement with their creditors. Normally, some inability to pay is present but it is the fact that debts overwhelm cashflow and assets that is key.
Expert:  Buachaill replied 1 year ago.
2. However, where New Beginnings would be of assistance with you is to negotiate some write down on your mortgage. However, you would have to have been in shortfall for at least a year before they would enter some form of negotiation with thye bank. Before at leasta year of difficulties in making repayments, banks just aren't interested in negotiating.
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Expert:  Buachaill replied 1 year ago.
3. However, be aware that AIB are offering a write down of 30% on mortgages entered into at the height of the boom which are no longer sustainable. So you should certainly look at this option. But before some one like New Beginning can do something for you, you must be in arrears.