| T O P I C R E V I E W |
| Charlie |
Posted - 20 April 2008 : 08:48:21
Hi,
I am seriously thinking about declaring myself bankrupt but would be grateful if you could answer a couple of questions for me. Our house is in my husbands name so i'm not worried about that but I have debts which amount to about £40,000. They are all in my name except a joint loan we have in both names but don't want my husband to get tied up in the bankruptcy issue. Can you advise how this would work? I'm also aware that my bank account would be closed but I am then wondering how I would be paid through work as my wages get pain into my bank. Do you think I would struggle to open a new bank account?
Charlie
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| 9 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 20 April 2008 : 23:35:28
You need to take appropriate legal advice from a solicitor who specialises in insolvency with regard to your interest in your husband's property. Depending upon the length of time you have resided in the property, and the way you allocate household expenditure between you, it may well be that you have developed a financial interest in your husband's property.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| AlanO |
Posted - 20 April 2008 : 23:34:39
HI Charlie,
I would suggest talking with Paul or another expert.
Whilst face value the property could be OK - we need to assertain contributions to household past and ongoing and ensure the position is appropraitely represented in your Statement of Affairs if you were to move forward with Bankruptcy
There of course could be other solutions and these options would also be reviewed
All the best Alan
www.debtdr.co.uk |
| Reviva UK |
Posted - 20 April 2008 : 23:09:03
Hopefully a 10 minute conversation should be able to confirm this either way
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Charlie |
Posted - 20 April 2008 : 19:54:57
Thank you Alan,
My main concern before I move forward with any of my other issues is whether my husband would be at risk of losing the house. I thought because it't not in my name or my name on the deeds that the house wouldn't be part of my BR but now very uncertain about this and not sure who I can get the correct info from before moving forwards.
Charlie
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| AlanO |
Posted - 20 April 2008 : 19:46:40
Hi Charlie,
There are a number of issues here and I suggest that you contact Paul or one of the other experts to review the whole situation. Then a plan of action can be agreed to move forward with what is right for you and your husband, as you don't want to put the property at risk.
All the best Alan
www.debtdr.co.uk
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| Reviva UK |
Posted - 20 April 2008 : 17:07:41
Hi Charlie
It is always better to do ALL the research BEFORE you go bankrupt.
Research you might want to look at:-
1. House
2. Bank Account
3. Impact on Job
4. Babnkruptcy Forms
5. Causes of bankruptcy for forms
6. What happens at court and with the OR
7. Any assets in your name - car etc
8. Explaining any recent use of credit over last 12 months etc.
9. Tax code change to an NT code - implications at work
10. Bent time in month to go Br
Suggest you call an expert to have a no committment chat about the above so you can start to get yourself organised.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Charlie |
Posted - 20 April 2008 : 14:42:40
How would I find out if my home is at risk if I was to declare BR.
The house is in my husbands name and his ex-partners but I wouldn't want to declare BR if we was at risk of losing this.
Would I be able to find out this sort of information beforehand.
Charlie |
| Reviva UK |
Posted - 20 April 2008 : 12:55:25
I almost forgot.
Why are you looking at Br. Have you explored the other avenues of an IVA or a debt management plan?
there is also the option of a one payment IVA and perhaps your husband could release some equity fro the house to make the debt go away.
always worth discussing ALL the options before you go through Br.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Reviva UK |
Posted - 20 April 2008 : 12:53:18
Hi Charlie and welcome to the forum.
House - worth looking at this from the official receivers point of view and deciding if there is any claim on the estate because you have contributed to the household or mortgage payments or deposit for the house etc. The Official receivers & trustees seem to be getting a little more interested in these situations now.
The joint debt - your liability for this would be cleared in Br, however the whole responsibility for repayment would pass to your husband ( it doesn't mean that half of the loan goes into your Br)
You need to open a new bank account and no time lioke the presesent. Suggest you look at the COOP CASHMINDER account as these seem not to be closed in Br and provide an excellent level of service.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
