My husband is over £90,000 in debt to my knowledge with some of it secured on our property. He bullied me into co signing a loan for £40,000, of which I am willing to say in a court of law. If he declares himself bankrupt will I also be affected? It can be proven that all of this debt is due to his spendings, not mine.
Hi The joint loan secured on the house, if he were to declare bankruptcy, the full outstanding amount would become your liability. Unfortunately it would be your word against his re the signing of the agreement.
If you have equity in the property and proof of his spending this may go some way to help matters but if equity does exist then the house could eventually be subject to a forced sale.
You need to consult a specialist with all the details. If you call the helpline and leave a message and contact number I would be pleased to call you early in the week to discuss your position and refer you to a specialist if you wish.
if my husband declares himself banrupt
Posted - 16 August 2008 : 21:14:19
