In a situation where after a forced sale there is a shortfall and two parties jointly/severally owe €300k.
One party can get lump sum from family and suggests an arrangement to bank whereby she agrees to pay back "her share" - €150k plus interest - over next 10 years.
As part of the arrangement, the bank will not pursue her for any more of the debt.
If bank insists on continuing to hold her liable for full amount, she has no choice but to go bankrupt. (This is turn will force other party...
Will bank agree to deal to accept half of joint residual debt?
One party can get lump sum from family and suggests an arrangement to bank whereby she agrees to pay back "her share" - €150k plus interest - over next 10 years.
As part of the arrangement, the bank will not pursue her for any more of the debt.
If bank insists on continuing to hold her liable for full amount, she has no choice but to go bankrupt. (This is turn will force other party...
Will bank agree to deal to accept half of joint residual debt?