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claire.vsvallis
Starting Member
2 Posts |
 Posted - 23 March 2010 : 15:28:50
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| If I am declared Bankrupt and have joint bank accounts with my partner what happens to them? Can I just have my name taken off so that child benefit can still be paid in and are utility bills and rent can still be paid? |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 23 March 2010 : 17:41:10
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Hi Claire
Ordinarily in a bankruptcy, where there are joint bank accounts, the Or is primarily concerned with the balance held on the account and the source of the funds. For example, if there is a balance in the account of £500 when you go bankrupt, and that all was paid in by you or from your earnings, the OR will claim it is yours even though it is in a joint account.
If the money in the account comes from child benefits etc, and is used for living expenses, and there is no build up of funds in the account, it is unlikely the OR will be interested in it.
If you explain the situation to the OR and can confirm that the money in it isn't yours, he is unlikely to take any action with regard to it, and it should be able to be operated normally after your bankruptcy as long as the joint account holder isn't bankrupt
You could take your name off it prior to bankruptcy, but it doesn't alter the issue as far as the OR is concerned.
Hope that helps |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 23 March 2010 : 17:55:15
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I would definitely recommend taking your name off the account prior to BR as someone else posted a similar issue recently where the joint account was frozen by the OR even though only 1 of the account holders was declared BR.
You can still have your child benefits, etc. paid into the account or you can open a Co-op Cashminder account of your own and have any salary/benefits paid into that account. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 23 March 2010 : 22:00:18
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Claire,
This is sound advice from gettingoutofdebt
Good luck, Richard
quote:
Originally posted by gettingoutofdebt
I would definitely recommend taking your name off the account prior to BR as someone else posted a similar issue recently where the joint account was frozen by the OR even though only 1 of the account holders was declared BR.
You can still have your child benefits, etc. paid into the account or you can open a Co-op Cashminder account of your own and have any salary/benefits paid into that account.
"There are no problems - only solutions" |
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claire.vsvallis
Starting Member
2 Posts |
Posted - 25 March 2010 : 07:40:34
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I would like to thank you all for your help. My partner and I off down the bank tomorrow to take my name of the joint accounts.
This is such a scary process I am trying to cover everything before I go to the court.
This forum has been a great source of information. I have been nervous about declaring myself BR, it has taken a couple of months to come to this decision. Fingers crossed it all goes to plan and I can come out of it with a clear and happy mind.
Wish you all luck.
Thank you.
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If I am declared Bankrupt with joint bank accounts
