I will I think shortly have to go bankrupt.My wife and I are seperating. We have a joint account that has an overdraft of £1000 and one loan in joint names. All other debts are in my name only. Will my wife be affected or bankrupt also.
If you file for bankruptcy all debts in your sle name and those in any joint names are included in their full amounts. Under joint and several liability the joint debt (Bank) will proove in your bankruptcy for the whole amount and also chase your wife for the whole amount (people often believe a joint debts means they are liable for half the debt, not so i'm afraid - each party is liable for the whole amount) Your wife will not necessarily need to go bankrupt, that will depend on her personal debt situation, but she will be liable for the joint debt £1,000
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
I will I think shortly have to go bankrupt.
Posted - 23 September 2009 : 10:49:42
