Voluntary Bankruptcy

Dee5412

I can't remember the real name - maybe IVF or something but can I as a wife do invluntary bankruptcy without effecting my husband and losing our house? I am in debt and was thinking of a way out - seeing it in the paper yesterday

livilou

if you own the house together, the insolvency people would ask for valuations on the house and then work out your interest in the house, and your hubby would have to buy your share of the equity. so really guess it depends how much you owe, because ultimately you may write off your debts but if your hubby or family member has to pay out a large sum to keep your house, you have to look at whether it is the answer.

Bankruptcy certainly isn't an easy option, my hubby declared bankruptcy in february and it is very stressful,

I do think the media make it sound really easy - maybe it is for some, if you don't own anything, particulalry property I guess it is easy, but from my experience having 2 young children, a near broken marriage because of it , I dont think it easy at all.

I would suggest you look at the insolvency website where it details bankruptcy and the consequences.

have you written to you creditors and asked to reduce payments etc?

also have a look at national debtline website .

hth