Run up to BC hearing - help please!!!

ajbisgr8

Hi, I need some help:

My husband is about to be made bankrupt and I'm trying to deal with the practicalities where I can before it all kicks off and really could do with some help.

We have a joint account which we both pay some money into top cover household bills etc but most of the bills are in my name. If OH is made BC, will this account be frozen? If so will it be worth me transferring the DDs to an account in my name only as I don't want to get loads of charges for missing a DD. Also, I have a standing order set up transferring some of mny wages to the joint account - would money I have put in be frozen?

We own our house (albeit miortgaged) in joint names and have some equity - would we get any excess back once the OH debts are paid? Also, we have 2 very small kids - would we be given any time to sort out alternative accommodation or would it just be a case of handing ouver keys at the hearing and that's it.

Also, virtually all the furniture is mine, bought on my credit card or handed down from my family - can they seize that too?

As you can see I'm a bit clueless but don't seem to ba able to get any help from either the CAB or a solicitor.

Thanks

peachyprice

Hi Abj,
Welcome to the forum.

The easiest thing to do with the bank account is to take your OH's name of the joint account before his BR date, the OR will then not touch it.

As far as your house is concerned, how much equity do you have? You will be given the opportunity for you or a friend/family member to buy out your OH's share of the equity.

You will not be expected to leave your home, you will have a minimum of 1 year before the OR starts any action, up to a maximum of 3 years. Even after the 1st year you will still be able to negotiate buying the beneficial interest from the OR, or be given enough notice to find alternative accomodation.

None of your household goods will be seized, the OR would only be interested in valuable assest such as antiques.

I hope this puts your mind at ease a little.

Any other questions, just ask

ajbisgr8

Thanks Peachy, that helps a lot. I had images in my mind of not being allowed back into the house to get the babys crib, clothing etc.

After the BC will we still be liable for the mortgage payments?

peachyprice

Yes, if you want to stay in the house for the time being you just carry on as normal.

How much is the house worth and how much is the mortgage and any secured loan if you have one?

dalip

When you go to take your OH name off the account you both have to go ad take some sort of id lie your passports with you. I took my name off our joint acc about 2 days before i went bc and it was fine.Not sure if you want to but we also told the bank why just to make sure it would still be operational after my bc The OR asked how much went into the account per wk and said he would tell the bank as it was polite but would tell them he had no interest in it. Hope that helps with the bank side of things.D