Hi My husband is going to petition for BR soon but I am worried as oue current acount is joint. We owe a £1000 overdraft so this will have to be included but what happens to my half of the debt? Do they just put it as 500 owed byhim, will they demand my half straight away etc? I cant afford to pay a lump sum of 500 in one go.
Your joint account would not be written off and any joint debt would be liable to you then, as its known as joint and several liability so the overdraft complete balance would be yours.
I know that people think that it would be halfed but its not the case the otehr party unless going bankrupt too becomes liable for the whole amount.
As for the account it may be closed it may not be closed, but it would be better to have his or your name removed prior if you can otherwise if you still need the account then you may have to get the OR to deal with getting the account unforzen once he declares BR.
You could open a single account for your monies to go into that would save the hassle if it did get frozen.
Jo x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
HiMy husband is going to petition for BR soon
Posted - 02 January 2009 : 18:25:09
