on a joint and several loan, where the other debtor is made bankrupt,can i sue for a contribution from the other debtor, once he is discharged from the bankruptcy, bearing in mind that i have had to continue to pay off the debt?
You'll need to speak to a solicitor about that, as the other party upon bankruptcy has had their liability for the debt discharged. it will also depend on whether they are in an IPA.
Big Al Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
the answer is most likely to be a no. you accepted when you took on the loan that if the other party was unable to pay that you would be responsible for the whole debt and therefore the terms have been kept to
I can't see any way in which you can pursue the debt after someone has declared themselves Br.
Unfortunately as it is joint then all the liability follows you.
Potentially if the other person was guilty of fraud then it may be possible but one assumes that you also signed the loan forms and hopefully enjoyed some benefit from the loan.
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
When one party in joint loan is made bankrupt ?
Posted - 14 December 2010 : 21:18:48
