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369
Junior Member
366 Posts |
 Posted - 10 September 2008 : 16:36:33
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Hiya Claire,
To be honest, if your OH goes bankrupt, all it will do is release any responsibility he has for repaying the debt. But, it will be left to his parents and to you. However, in turn you and his partners, without his contributions will not be able to pay the creditors, therefore suggesting bankruptcy for you also.
If your only concerns about going bankrupt are about losing your bank account and the OR saying how much you can spend each month i shouldnt worry. You can get another bank account with another bank, or you can talk to your own bank about keeping that account (but you cannot do this is your loan is with them as well).
The OR cannot tell you how much to spend each month...what they will do is see how much Disposable Income you will have after all of your payments... so you say you get £1000 a month, you would take off any rent, bills, mobile phone bill, travel expenses, food, clothing etc etc from that and be left with your disposible income amount, if this is more that £100 a month then you will enter into an IPA - which basically means that you will pay 50-70% of your Disposable Income each month. So if you have £100 left over after everything you would pay £50 to the OR (in turn the creditors) and have £50 left over.
Your Loan for £2,000 - when does that end?
When does your OH's loan to his parents end?
When does you OH's court payments end?
Just trying to see if there will be any money free'd up in the foreseeable future to avoid bankruptcy... |
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claire25
Junior Member
206 Posts |
Posted - 10 September 2008 : 16:46:24
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Thanks John,
You have no idea how helpful you are being!!
My loan for 2000 ends in about 13 months time.
His payments to his parents end in three more years (however his parents are currently in talks with this creditor as thier situation has changed so drastically in the past year that they may have ro reach a new agreement)
His court repayments still have a good three years left on them.
I can see why it makes sense for him to do it. He wages are and hours are terrible but i'm sure you can imagine he cant be picky about employment when you consider why he lost is last job. I would go down the BR route if need be. Is that what you would advise me to do?
Thanks SOOOOOOoooo much!! xxx |
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Will I need to go bankrupt to?
