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| T O P I C R E V I E W |
| millie12 |
Posted - 19 November 2012 : 18:00:49
Hi,
I'm wondering if there is anyone who can help please?
My husband is due to go bankrupt in two days time. He ran a small business and for a brief period I was partner but my name was removed in 2003.
The business bank account has a loan (apparently it was an overdraft that was converted into a loan sometime around 2006) with an outstanding balance of approx £9,000.
I have never handled the business account. I've never withdrawn money, paid in, signed a cheque or signed any paperwork relating to this loan conversion.
My husband and I both have separate personal bank accounts (mine is squeaky clean) with the same bank that holds the business account.
My worry is that I've just discovered that my name was not removed from the business account in 2003. All these years there's been no letters or statements sent to the house in joint names. It seems they've all gone to the business address and as I'm not there to see the mail I've had no idea that my name was on them.
I've already this year fought off another of my husband's creditors and the stress of the last few years has taken a serious toll on my health. Every day I'm in total despair and I don't know how much fight I have left in me to be honest. I very reluctantly stood as guarantor for a secured loan he took out 4 years ago and so I know we'll be waving goodbye to our home soon but I just can't stress myself any more. I can't cope.
If anyone can possibly shed some light on the following questions I'd be extremely grateful.
1) I will do all I can to show that my name should not be on the business account but if the day comes when I just have to throw in the towel because of my health will they be likely to want to pursue me for immediate payment of the full amount or would they be likely to accept monthly payments?
2) Can anyone please tell me if my personal account (as it's with the same bank) is likely to be affected on the day my husband goes bankrupt? How soon will they know about his bankruptcy and will they freeze my account? I've transferred some direct debits to another account with a different bank but it's too late for some payments due this month.
I apologise for the lengthy post and appreciate that people here might not know the answers but any advise at all might help me to see more clearly.
Many thanks
Anna
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| 2 L A T E S T R E P L I E S (Newest First) |
| millie12 |
Posted - 19 November 2012 : 18:52:09
Hi,
Many thanks for your reply.
There is approx £50,000 equity in our home. |
| Viki.W |
Posted - 19 November 2012 : 18:31:08
Hi Anna,
Sorry you're having a tough time.
1. If you are liable, then the creditor would hopefully accept a payment plan if you can afford it.
2. Your account should not be frozen by the bank as your husband's name isn't on it, but I would do as you are doing and transfer asap.
How much equity is in your home?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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