Considering BR, but want to protect my wife.

positivethinker

Hi all,
I'm sinking into the doo-doo, and am looking ahead to possible BR.

Over the past 10 years, I've worked successfully (sometimes employed,. sometimes self employed) and also built up a property (buy to let) portfolio.

The situation now is that I lost my job, debtors didn't pay me, and the outlook for new business in my sector (mortgage broker!) is very bad for the foreseeable. Currently, I am not earning much at all now, and can't see it improving. I've got savings for around 3 months and am considering career change but my outgoings are very high and can't see getting my income up to the required level for a while, if at all. My monthlies are VERY high (see below).

The big problem is that my property portfolio is now negative equity so can't sell, or take out equity. The rents are reducing or voids, and repair bills, mortgage payments etc are coming in thick and fast and I'm running out of money. Of course I could borrow more on overdraft, ccards but that would be making the problem worse, especially if I can't see my income rising to the necessary levels, or prices going back up for a few years.

ALL of my properties, including the family home are in my own name only. All my debts as well.

My question is, my wife is joint account holder on a few small current accounts with no debt, should I remove her from these?
I am worried that if I go BR due to the properties and big debts, then ultimately my current account might have some money that would be taken by the OR, or I might have some overdrafts by then and be chased by the bank. Would my wife be forced into BR too?

I really want to try to keep her clean for the future.
Thanks in advance.

lisamummytoarchieplusbump

hello positivethinker and welcome

firstly contact a debt charity in the list on the top of the threads at the begining of the forum

if your wifes name is on an account that you do start using the overdraft if you go br then the debt will fall to her so i suggest you dont use the overdraft.

i think you can take her name off the ones that are in credit but wait for someone else to correct me on that if im wrong

as for the savings for 3month is this general living expenses or does it include your debt bills aswell. as if it is really high and you go br unless its also your wifes money then it may get took by the OR as it will be seen as savings

cant really advise on anything else as i dont know about having property so wait for someone more experienced then me to comment

lisa

positivethinker

Hi Lisa,
I mentioned the 3 months savings only as it means I can get through the next few months, so it will be gone by the time I get into trouble. I'm looking ahead really, and working out how to put things in order with regard to my wife's status.