I am in debt to the tune of approximately £100,000 and we have a mortgage which is 100% of the value of our property. My husband has left me and I do not know of his whereabouts. Can you answer the following questions please:
1. Most of the unsecured debt is in my sole name but we have one joint loan. Can I put this is in the 'pot' to be considered in my bankruptcy case?
2. I work for a financial services company. Will they tell my employer?
3. To my horror I have found out that my father (who is wealthy and knows nothing of my mess) has put me on the title deeds as co owner of a property. I have no financial interest in this property but do I have to get my name taken off these deeds?
4. Will anyone visit my home?
5. Do I open a basic account for my salary before or after I am declared bankrupt?
1. All debts which you are liable for (including jointly) should be put into the pot. My understanding is that with the joint loan the creditor can still chase your ex for the full amount.
2. I would look at the terms of your contract with regards to BR. If you are a Financial Advisor, your profession may not allow you to continue if you are BR. They will not tell your company that you are BR, however the give away sign may be that your tax code shows that you are not paying tax for a period of time.
3. This is a problem, and taking your name off the deeds is not an instant cure!
4. This all really depends on how old the debts are and who the collection agency is. If you have only recently fallen into arrears, then you will not get a visit.
5. I would suggest that you open a new account anyway, one that is not linked to any of your debts!! Banks have a habit of stealing the money to pay off a card.
I would suggest that you get a lot of advice before going BR.
Please can you answer my questions
Posted - 24 November 2007 : 23:50:14
