bankcrupt x2

ASHYMCFC_2

hi in a bit of a pickle, first of i was made BR in 2004 and out in 2005. after some time with my partner we were offered a mortage through a independant mortage adviser and took out £152000 plus a deposit of £13000 on in laws credit card for the deposit, we were assured by the adviser that after 3 months we were gaurentead that they would let us put iton the mortage. we werent allowed so carried on paying £450 plus the £900 mortage each month. we got behind on all sorts of bills and eventually the bank manager offered a £10000 consolidation loan. in the end the house got repossesed and has been sold for £110000. we have had letters from all our other creditors threatening court. been advised to go BR again but can i do it twice? also my partner is not keen on it and is threatening to do a runner and says i wont be able to find her. if it did happen could i go BR again because there all in joint names. could someone shed some light on what could/would happen thank you

tigerfeet2006

Yes you can go BR a 2nd time. The OR will investigate in more depth this time though as to why you got into this situation again. You may also get a BRU as well.

If your partner does not go BR then all joint debts will fall on her to pay.

Please give one of the debt charities a ring in the morning and go through your options with them. Links and numbers in my sig.

Any questions just ask and we will try and help and support you through this and welcome to the board.

JoeHel

According to a lawyer's website...

"The law provides that you can file a Chapter 7 liquidation bankruptcy once every eight years and that you can file that for a total of three times in your lifetime."

ASHYMCFC_2

regarding the reply what is a BRU. what if they cant find her. also forgot to ask, would the money we borrowed of the in laws credit card be in my BR or would she still have to make the payments? thanks again

tigerfeet2006

A BRU is a bankruptcy restrictions undertaking. You are put under the restrictions of BR for between 2 to 15 years. You are still discharged after 12 months. Will find a link.

Bankruptcy Restriction Undertakings / Orders.

Bankruptcy Restrictions Orders (IS)

FAQ - Bankruptcy Restriction Orders / Untertaking ( BRO/BRU ) (IS)

If you are BR then it doesn't matter if they can find her or not. You will not be responsible for the debts. They have 6 years to find her to pay the debts. The parents will be included in your BR as creditors so OFFICIALLY you can not repay them and she will be responsible for repaying it. Though what you do with your surplus is up to you.

Have a read of the Bankruptcy Help sticky over the next couple of days as it will help and keep asking questions.

http://forums.moneysavingexpert.com/showthread.html?t=1056083

Make sure you ring someone like National Debtline in the morning.

Rylynn

I can reiterate this, one of my loans was joint, ex left many moons ago, the judge and OR told me not my problem, and not theirs either, the credit companies will chase the person or try to find her.

Your in laws you cannot pay back, unless out of your surplus, they are classed as a creditor, and have to go in the BR unless you do not declare the money they lent to you?