Bankcruptcy - not me but him

fiveyearplan

Some credit card agreements before April 2007 will have all the prescribed terms and conditions. It is a road I'm taking for my husband's debt but only as a last resort. I went bankrupt because I had most of the debt in my name (failed business!) and now I'm so glad that most things were in one name and not joint. If one partner can avoid bankruptcy I think it does make life a bit easier. For instance he can have a bank account with a cheque book whereas I cannot. I wouldn't use the CCA route as it is very stressful and there are no guarantees. Saying that if it was me I would still look into it and see what all my options were.

OhnoJoJo

his income is £1,389.03 a month
not forgetting car tax, mot,insurance.
me
i earn £1,280.00 a month and i have direct debits obviousley, and managed my money very well i always had extra left over each month which paid for weekends away and and any other bits decorating car tax inurance etc
but due to a car accident last year i can now only work part time for the forseeable future until my neck and spine are right, so the company i worked for used to pay me for a full week but i have used up all my sick days and nw i have had to go on a temporary part time contract as its not there fault i was injured so why should they pay for the 2 days off a week i need. which is fair and they have been more than helpful and i have been paid a full wage for the last 8 months, i am chasing the 2 days wages from the others insurance comp thru my solicitor but i dont know when i will start to get this, now......oh god anything else.wheres the lightning bolt to strike the house.
so my income is going to be approx £600.00 amonth down and now as i have used the credit card/s that repayment will double,
so i think i will be scraping by (just)
as for the dentist, he goes when he has a problem, only
hair, no problem , he is bald, so its a bic and a buff !!!!!!
the life assurance..i thought you needed this if you ahve a mortgage, i have looked into it lately and the cost of changing to a different company there is a £20 difference, so not worth changing.
petrol, is £80 a week.
as far as my debt being managable (i was going to transfer some of my debt onto him so it would go with his and not me).
Jo
Jo

RichOneday_2

If potentially you may go down the bankruptcy route for him you need to avoid any idea of transferring debts around between the two of you.

The Official Receiver will come down like a pile of bricks on that type of activity and you'll very probably end up with a BRO (Bankruptcy Restriction Order), which is what the naughty boys and girls get!

OhnoJoJo

Ok, but i do not know how these things work, i didnt know if he had another credit card and used some of the money to give to me to pay some of my credit card balance off.

I have moved money from mine to his to help him out.
as, i read earlier that some of the people (well quite a few) that went (BR) used there credit card to pay for there costs. which i find a bit cheeky, so obviously there isnt a cut off date that you need to stop using the credit card.
Jo

RichOneday_2

OhnoJoJo wrote: »

Ok, but i do not know how these things work, i didnt know if he had another credit card and used some of the money to give to me to pay some of my credit card balance off.

I have moved money from mine to his to help him out.
as, i read earlier that some of the people (well quite a few) that went (BR) used there credit card to pay for there costs. which i find a bit cheeky, so obviously there isnt a cut off date that you need to stop using the credit card.
Jo

It makes sense to use any spending power he has available rather than yours, but don't make any obvious transfers of debt between the two of you. Also, any increase in spending on his part in the run up to bankruptcy will look odd. Basically, that would be considered to be 'Worsening a creditor's poistion while knowingly insolvent'.

Go to this link and see all the details of the BROs that have been imposed recently:

http://www.insolvency.gov.uk/databases/ddirector/viewbrobrudetailslatest.asp

This should give you a good feel about what the Official Receiver doesn't like and you can then structure your situation accordingly.

fiveyearplan

I know when I had my OR interview he did ask when was the last time I used credit cards. It had been over a year since I had last used them and I had no idea I was going to be insolvent.