Do spouses have to go bankrupt to when mortgage is in joint names

rog2

jb1977 wrote: »

Thanks for all the advice, to answer some questions.

The advice is still the same, jb. Talk to one of the debt counselling charities.

I was declared bankrupt - I had a joint mortgage and my wife purchased my BI from my trustee - we are now left with nearly £500 a month to pay, due to the mortgage that she had to take out. It's cheaper than 'renting' and we kept the family home.
In my case, I was declared bankrupt by a creditor (HMRC) with total 'debts' of way over £100k. I would not have chosen bankruptcy - it is definitely not an easy option, when property/family are involved, but I was powerless to avoid it.
In your case, my friend, I think that there are many other options that you could, indeed should, consider before thinking that bankruptcy is your only option.

The very best of luck to you, and your wife.

tigerfeet2006

Please, please please talk to a debt agency. You will need to do this even if you do decide BR is your only option as the judge will ask if you have taken professional advice.

If the debt agencies say BR then come back here and we will give you all the help and support we can through the process. If they suggest something else then pop onto the DFW for help.

FYI if you do a voluntary repossesion and BR this thread is a good one to read
http://forums.moneysavingexpert.com/showthread.html?t=596237&highlight=diary

jb1977_2

A big thanks to everyone who took the time to respond to me.

I have talked to CCCS and I have a phone appointment for next week but still got some good advice in the short conversation today.

It seems before I do anything else I should cancel all my direct debits and explain to all my creditors that I won't be able to make full/any payments on my debts and open a new bank account to get my wages (if there are any) paid into.

I still feel BR is the only option for me unless I can walk into a new job paying over £30k a year but it seems from adivce I'm getting I'm best burying my head in the sand by not paying outstanding debt and going BR in 6 months time???? I can't believe this is the way to do things as it seems i am just delaying the inevitable and being dishonest, if I know i have no way of paying debt for the next 4 months (and after 4 months I may not have any income at all).

tigerfeet2006

All the best with it all. We will help in anyway we can.

I would suggest you open a Co-op cashminder or a Barclays cash account. See this link.

http://forums.moneysavingexpert.com/showthread.html?t=474254