I am considering going bankrupt as I can no longer pay the mortgage, credit card, car bills and pay to live. These debts have be accured in mine and my ex-partners name. My current partner has lived in the flat with me for 6 months but now needs to move to be nearer his daughter and I can't afford the property and bills on my own. He is not legally bound on any of these debts. Will he be affected? And will his earnings be considered should I file for bankruptcy?
If you have joint debts with your ex-partner and you declare BR then all debts will automatically become your ex-partner's responsibility. Any sole debts will be written off.
If you don't have any joint debts with your current partner then they will not be liable for them once you are BR so he won't be affected.
If he is living with you once you declare BR then the OR will want to know how much he contributes to the bills. This will be used to work out whether you will be required to pay an IPA or not.
You should also check whether there is any equity in your property. If there is the OR will want to release this to pay your creditors. If there isn't then you can buy the beneficial interest from the OR for £1 + £211 fees.
I am considering going bankrupt
Posted - 05 October 2009 : 16:56:54
