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Partner going bankrupt - advice needed please!

Hi All,

I am looking for some advice and it seems like this is the place to come!

My boyfriend has around £40k of debt and is planning to go bankrupt. His debts are from before I met him but as far as I can gather, he has been avoiding them for the last year or so but they've finally caught up with him. My first question is that as he hasn't made any recent payments, will the proceedings be worse/longer?

To make things worse, he lost his job a few months ago and is now on benefits. I'm not sure how this will affect the bankruptcy or how it will change once he does get a new job - any advice there?

I realise this will put a strain on our relationship both now and in the future - my boyfriend has even suggested that we split up as he doesn't want to put me through this. I don't want that and I think I am going into this with my eyes wide open but am worried I might be missing something. Do you think he is worried about the stigma attached to bankruptcy? We don't currently live together but we were hoping to move in to our own place (renting) some time this year - is that unlikely if he is going through bankruptcy?

I know there's a few questions in there and maybe I already know the answers but any advice would be much appreciated - thanks!

Comments

  • pinklaydee wrote: »
    Hi All,

    I am looking for some advice and it seems like this is the place to come!

    My boyfriend has around £40k of debt and is planning to go bankrupt.

    He needs to seek proper advice off CCCS or Debtline or the CAB

    His debts are from before I met him but as far as I can gather, he has been avoiding them for the last year or so but they've finally caught up with him. My first question is that as he hasn't made any recent payments, will the proceedings be worse/longer?

    Probably not, no big deal

    To make things worse, he lost his job a few months ago and is now on benefits. I'm not sure how this will affect the bankruptcy or how it will change once he does get a new job - any advice there?

    He will get a fee reduction if he gets JSA, and no IPA

    I realise this will put a strain on our relationship both now and in the future - my boyfriend has even suggested that we split up as he doesn't want to put me through this.

    Nah, its no huge deal if theres no joint debts or anything secured on your home

    I don't want that and I think I am going into this with my eyes wide open but am worried I might be missing something.

    Do you think he is worried about the stigma attached to bankruptcy?

    Maybe, probably, but shouldnt be, its a big club....175,000 a year join!

    We don't currently live together but we were hoping to move in to our own place (renting) some time this year - is that unlikely if he is going through bankruptcy?

    BR can affect HIM with regards to some private lettings

    I know there's a few questions in there and maybe I already know the answers but any advice would be much appreciated - thanks!

    drop in anytime...... ;)

    take my hand, let me help...........

    HoldingHands.jpg
    Now we all know how it felt to play in the band on the Titanic...
  • pinklaydee wrote: »
    Hi All,

    I am looking for some advice and it seems like this is the place to come!

    My boyfriend has around £40k of debt and is planning to go bankrupt. His debts are from before I met him but as far as I can gather, he has been avoiding them for the last year or so but they've finally caught up with him. My first question is that as he hasn't made any recent payments, will the proceedings be worse/longer? It won't make the slightest bit of difference, so don't worry.

    To make things worse, he lost his job a few months ago and is now on benefits. I'm not sure how this will affect the bankruptcy or how it will change once he does get a new job - any advice there? It won't effect it. When he gets a new job then he fills in a new SOA, his outgoings will increase with work, and submit it to the OR. If there is a surplus of over £99 then the OR will want a %. When he is ready to do his SOA pop it on here and we will help him with it. Also if he gets a job then we will help with the new SOA.

    I realise this will put a strain on our relationship both now and in the future - my boyfriend has even suggested that we split up as he doesn't want to put me through this. I don't want that and I think I am going into this with my eyes wide open but am worried I might be missing something. Do you think he is worried about the stigma attached to bankruptcy? We don't currently live together but we were hoping to move in to our own place (renting) some time this year - is that unlikely if he is going through bankruptcy? Lots of us bankrupts rent.It may make it a little more difficult to get a property but it is possible. When you get to this stage then the good people on here can help you with advice on it. Again his SOA will change if you move in together so pop back here for advice.

    I know there's a few questions in there and maybe I already know the answers but any advice would be much appreciated - thanks!

    Hope that helps. Ask as many questions as you need to. There is a lot of help and advice on here. If he wants to post then he is quite welcome but you can post questions on his behalf.

    If you are reading up about things then I suggest you start by reading the Bankruptcy Help sticky at the top of the first page of the board.

    Welcome to the board :)
    Namaste DeeDee x
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