HELP!! Joint debt, Single Bankruptcy.

Fruit

Hi All,

I finally declared myself bankrupt in March having battled with rising debt for the last few years.:j

On filing for bankruptcy i realised i had left some accounts in joint names - overdraft, loan and a credit card.:eek:

My wife was obviously delighted with the thought that she to will have to go bankrupt also (it's also an expensive job going bankrupt!!)

Is it the case that the debt will remain in my wifes name and banks have six years to come back to her or are they likely to write the debt off completly without her going bankrupt?

The reason this came up is i am trying to save on the legal fees of transferring the ownership of our house back to my wife and I and if we do it whilst we are both bankrupt we can pay just one legal fee.

Any help would be appreciated as i am uncertain whether my wife needs to declare herself bankrupt and if so would rather get on with it sooner rather than later.

Many thanks!

Dez-Titute

Hi Fruity,

Slow down,The loan and O/D oh dear pass on to OH the CC however wont be in joint names it is either in your name or the OHs with the OP being an authourised user.

Can you give further clarification of your situation??

Cheers DEz

Fruit

Hi DEz,

The card was a really old northern rock one from our first joint mortgage so i had assumed as we were both on the mortgage at the time the cards would be help jointly?

If the od and loan will go to the oh then i guess we will be having another lunch outside the county court?

Thanks for the quick reply.

DaveBrum_2

If the debts are in joint names, then the debt becomes jointly and severalby liable. Therefore, if you went bankrupt, then the debt would then be transferred into your wife's sole name. Bad news I know.... sorry!!