wife not br how will it affect us???

skintoooo

hi all

hope somone can help .........

im going bankrupt next week as my iva has failed (tax man)

im 4 years into the iva and have fallen behind with the payments so the taxman has petitioned for the \br i happy with this as ive expored all other avenues and this is the best route for me Payments were 1500 per month,the payments were never achievable by me ,had bad advice from an IVA company should have gone bankrupt 4 years ago........

Anyway what i need is some advice if possible,my wife works and takes home £500 per week ive just been made reduntant and have been offered a new Job approx earnings £400PW

We are in rented accomadation and my wife has some small savings £10k ............

how will my BR affect my wifes savings car etc......


i dont have a bank account and my earnings have been paid into the wifes bank account..............

She is very worried she might be implicated....

thanks for any replies

skylight

As long as her savings are hers and solely in her name, then they will remain hers. As to her car, again as long as its in her name (and has been for some time) and she bought it, then its hers. They will not be touched.

Your wife will now be responsible though for all her own debts (obviously) and any joint debts you both had. Who is liable for the tax?? Just you???

I would suggest opening your open basic bank account (the Co-Op cashminder is great) to have your wages paid into just as it keeps everything seperate from your wife - but its not a necessity.

Now, if its just the 2 of you, the monies that are earnt, you will probably be looking at an IPA - although at least it will be no-where near the IVA payment amounts. You will have to list the contribution that your wife makes into the household on your expenses on the BR forms - this is not what she earns though, its her contribution to the joint expenses. You need to do this to show that the bankrupt person isn't paying everything on purpose to avoid an IPA.

How far behind on the IVA are you? And how much is left to pay??? Its a lot of money for a long time that you have paid into it and its money that is now lost to you if you go BR.

fiveyearplan

Hi and welcome skintoooo. Skylight is right, if the savings is in your wife's name it will not be touched by the OR, same with her car. If you are doing your SOA and have not started the job then you cannot put down an income. If you start the job then you have 21 days to inform your OR.

Why don't you pop up your SOA and we can get started on your expenses. You would only be looking at an IPA depending on what your living costs are. Do you have any dependant children living at home?

skintoooo

skylight wrote: »

As long as her savings are hers and solely in her name, then they will remain hers. As to her car, again as long as its in her name (and has been for some time) and she bought it, then its hers. They will not be touched. GOOD

Your wife will now be responsible though for all her own debts (obviously) and any joint debts you both had. Who is liable for the tax?? Just you??? Just me

I would suggest opening your open basic bank account (the Co-Op cashminder is great) to have your wages paid into just as it keeps everything seperate from your wife - but its not a necessity. I will follow your advice and visit the co-op

Now, if its just the 2 of you, the monies that are earnt, you will probably be looking at an IPA - although at least it will be no-where near the IVA payment amounts. You will have to list the contribution that your wife makes into the household on your expenses on the BR forms - this is not what she earns though, its her contribution to the joint expenses. You need to do this to show that the bankrupt person isn't paying everything on purpose to avoid an IPA. ok

How far behind on the IVA are you? To far And how much is left to pay??? £40k Its a lot of money for a long time that you have paid into it and its money that is now lost to you if you go BR.

I understand i have struggled for years and just want to go bankrupt and start fresh,incidently i have no personal debt.......

skintoooo

i have a savings account with £1500.00 which ive kept for emergencies am i best to draw this money out as i believe the account will be frozen by the OR..........

thanks for any help

skintoooo

tigerfeet2006

Yep! I would take it out. £500 to be used for your BR . Is there any other essentials outgoings you need to use the other £1000 for?

skintoooo

im in court tomorrwow do i take a SOA with me or is that sorted with the OR..

skintoooo

BUMP please,,,,

skylight

Your SOA is the one that you should have already completed on/with the BR forms. You do not need to take anything additional, separately.

chelseabun_3

Hi skintoooo,

Are you in court filing for your BR tomorrow? If so you need to have completed forms 6.27 and 6.28 which you can download or do online - links in the 1st thread on this board. Have to say, if you haven't done them already you're gonna be up all night!!!:eek:

CBx;)

skintoooo

skylight wrote: »

Your SOA is the one that you should have already completed on/with the BR forms. You do not need to take anything additional, separately.

thanks for your reply skylight..

the taxman is petitioning the bankruptcy against me and i havent been sent or asked to complete a SOA...........

Should i complete one or wait until a SOA is requested from me ???

thanks