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Mandy.mg
Starting Member
1 Posts |
 Posted - 16 April 2012 : 22:01:56
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| We have just received a call saying lloyds tsb have ordered for my husband to be declared bankrupt. This is over a loan he had many years ago. we have had no contact since 2005. We have 3 children, a car worth 200, live in a council property and have one income of aprox 22,000 a year. how will this affect us. im very scared. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 17 April 2012 : 08:53:08
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Hello there, and a warm welcome to the forum
Has your heband just been informed that he is going to be made bankrupt via a phone call or has he received the necessary paperwork giving a date for a bankruptcy hearing? Is your husband able to repay the debt or come to an arrangement with lloyds to repay the debt over an agreed period? if so, this may stop them taking further action
If, Lloyds go ahead and make him bankrupt, I take it, that it was for a debt in his sole name? and if so, it will not affect you in any way.
As you live in council property and have a low value motor vehicle, the Official Receiver will not be interested in these as part of the bankruptcy. So you do not have to worry that you are going to lose your home, this will definately not happen.
If the bankruptcy Order is made, your husband will have to provide details of all the debts he may have in his sole name (together with any joint debts) If you do have any joint debt with him, then you will still be liable for the debt, but if you do not have any joint debts, you really do have nothing to worry about as the bankruptcy will not affect you in any way. The Official Receiver will also go through an Income and Expenditure form with your husband, where all income into the home is looked at together with all outgoings, if it is deemed that there is a 'surplus' income, he may have to pay this over to the Official Receiver for a period of usually 36 months under what is known as an Income Payment Order.
Hope this helps, and if you have any further owrries or concerns, please do not hesittate to post further questions, or contact one of the experts via the experts tab on the left hand side of the screen and either of us will be only too happy to assistin any way that we can - all advice is free, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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mydebtpages
Starting Member
43 Posts |
Posted - 17 April 2012 : 11:51:31
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Hi Mandy
If there has neen no contact since 2005 you may be able to argue the debt is statute barred. This means Lloyds can take no legal action to recover it. Until you know more avoid acknowledging the debt in writing or making any payment on it.
The time limit is normally six years, unless the debt was for a mortgage shortfall in which case 12 years.
Regards
- MyDebtPages |
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I'm very scared about my husband being declared bankrupt
