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Bankruptcy and your partner

Princess_Jane
Posts: 896 Forumite
Hello,
my partner is considering bankruptcy and I have some questions which I couldn't find the full answers to in the 'stickys'.
We have a joint bank account which is used soley for paying bills and is usually overdrawn.
If he declares BR then I understand the bank could close this account down and it would reflect on BOTH our credit files - is this correct?
Is it OK to take his name off the account before starting proceedings or does this reflect badly?
Ditto for a joint savings account which has about £3 at present.
I have no debts and a clean credit file. How would my OH going BR affect this and how long for?
I've checked my credit file and it shows us as being financially linked.
thanks
my partner is considering bankruptcy and I have some questions which I couldn't find the full answers to in the 'stickys'.
We have a joint bank account which is used soley for paying bills and is usually overdrawn.
If he declares BR then I understand the bank could close this account down and it would reflect on BOTH our credit files - is this correct?
Is it OK to take his name off the account before starting proceedings or does this reflect badly?
Ditto for a joint savings account which has about £3 at present.
I have no debts and a clean credit file. How would my OH going BR affect this and how long for?
I've checked my credit file and it shows us as being financially linked.
thanks
DEBT FREE! Sep '08/£9,800 in Oct '06 :beer:
0
Comments
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Before he goes BR it would be best to have his name removed from any joint accounts. You should be able to have him removed from the current account as long as it's in credit, if you could time is so there is money in there it would be alot easier, some banks won't remove a name if the account is overdrawn.
As for the savings account, as there's so little in there it shouldn't be any problem at all.
Is that all you have a joint with him?
Once you've removed his name from the accounts you can apply to have a disassociation noted on your credit files, which would mean his BR should have no impace on you at all.Accept your past without regret, handle your present with confidence and face your future without fear0 -
hmm the joint acc is about £300 O/D so would need a bit of time to sort that out.
we rent a house from his parents and I think his name is on some of the household bills - not all allow you to have joint names on, so will they have to come off as well?DEBT FREE! Sep '08/£9,800 in Oct '06 :beer:0 -
It's worth asking the bank it's 'only' £300, so they may well let you do it now, especially as the account is active, nothing ventured, nothing gained.
Household bills in just OH's name are fine, they can stay as they are.Accept your past without regret, handle your present with confidence and face your future without fear0 -
Thanks you.
Tomm he's going to ring a few of the numbers given at the top of this forum.
Then if he decides to go ahead with it we need to save up the money for the court fees.
He still owes me money for car parts he bought using my card and his mam money for a loan she took out to buy his current car when his old one broke down.
He's been making monthly payments to us both, but am I right in thinking he shouldn't include these debts on BR forms otherwise he won't be able to make continue paying us?DEBT FREE! Sep '08/£9,800 in Oct '06 :beer:0
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