My husband is being made bankrupt cos of a debt to the beloved tax man!!!!
I have 1 or 2 questions I was hoping someone may be able to help out with.
1) I have a car worth about £1000, however he is insured to drive it, will the OR be able to take this? I'm quite concerned about this as I'm 6 months pregnant and need the car to get to and from work
2) We have a joint bank account - would it be advisable to take his name off this, the only money that goes into it is my salary, child benefit and tax credits
3) How will his bankruptcy affect me - it is solely due to his debt to the inland revenue, but will they still want to know what I earn etc?
1. If the car is in your name it is safe, providing you have not just transferred ownership. Mind you with a value of £1,000 they would more often than not be interested in it.
2. Might be best. It may also be looked at to see if there are any unusual transactions. It may be worth you opening a new account that has no history?
3. The income and expenditure on the Statement of Affairs asks about other contributions. If he is made BR all his debts will be taken into account. If any are in joint names, the creditors will just target you.
Some Questions
Posted - 21 January 2008 : 10:18:14
