Few Q's about bankruptcy

Main question 1. We do not have joint bank accounts, the mortgage is in DHs name, the car and secured loan are in his name... so if I declare bankruptcy for myself, they cannot touch any of the assetts in his name Correct?:

if only you go bankrupt the OR would look to see if you have a beneficial interest in the property: if you contributed to deposit and or mortgage. but if it is is negative equity it woud not have any value anyway

Main question 2. DH is managing director and I am company secretary of a teeny tiny Limited company and we actaully sold it a few months ago but are still waiting to hand it over. Until then, my name is listed under the company, so would this be a problem (also we just sold it for a very small amount - less than £4,000 - which is going to go towards a few essential bills such as council tax and minor BUT VERY ESSENTIAL house repairs so that we can get more return on our house sale so that we can pay FIL off once and for all (and there are and were no company debts)

you cannot be a director or act in the management of a lts company, but you can be a secretary

Main question 3. I am a legal British resident but not yet citizen. I am actually trying to get the money together to submit my application to become a Brit Citizen (of course we cut up all of our CCs a few months ago so we now need to actually save for things LOL) but there is a part on the applicatoin where it asks: Do you have any criminal convictions in the UK or any other country (incl. traffic offences) or any civil judgements made against you? Bankruptcy would not fall underneath this would it?

not sure about this one, it is a civil proceedings. i think you would have to ask court.

Last question/concern I heard that some people have their passports taken off them when they declare bankruptcy. Okay, as of now I only have an American one, but the whole idea really scares and worries me in case there is a family emergency in America (where most of my family still live) - but in the case of emergency my family abroad would fund my airfare costs etc

No, passports are not taken. you can leave the country. you have to tell the OR if you permanently change address before discharge.

Aww Katie, that's awful, you shouldn't be bullied like that. I don’t wish to be mean but they don't sound like a very caring family. You are attempting to pay the loan, you don't have the whole amount (£500 does seem a huge monthly repayment on £15,000) a little bit of understanding wouldn't go a miss. I understand why you want to move.

Can your FIL find out the APR on this loan, I am guessing it's really high because of the repayment amount, and then perhaps do a balance transfer on to a loan on a low APR? If he has a good credit rating this shouldn't be too hard.

I would also suggest you phone the secured loan company and find out the settlement figure on that. Once you have actual figures on all of your debts you know where you stand as far as how much equity you need in order to clear the secured debts.

You can look to see the actual figures that houses in your area have sold for in recent times by looking on this website https://www.nethouseprices.com this will help you see how much you could expect on average for a house sale, it is only a guide but it helps.

Do you know how much you are likely to spend on rent compared to mortgage? Selling isn't only about equity, it is also about monthly savings on mortgage costs (I am moving into a rented house today and selling my house). You may find that you have more money left over every month which would allow you to pay the loan to the FIL more comfortably.

I would really suggest you make sure you spend time working out all of the figures before you jump into any decision. Especially as there are emotions involved here. If needs be hold your head up and tell the SIL to mind her business and to stop being a nosy cow.