Wife considering bankruptcy, advice please.

GeezerUK

Hi,

I hope someone can clear a few things up for me please.

My wife has racked up c£10.5k in debts, been through Payplan and one of the options they have given is bankruptcy.

My questions really are on how my finances and property are affected should she choose this root.

Our home is owned by my parents and we pay a nominal rent, so i'm guessing this would have nothing to do with a bankruptcy.

But I have property (flat and a shop) jointly in mine and my brothers name (my wife is not named on the deeds), which has been purchased since I got married, would this in any way be taken into account?? It is paid for in full and no mortgage or debt is on the property.

How is the desicion taken about ownership of property in our house get taken into account. This one is really a side issue, the main question is regarding my other property mentioned above.

Thanks for reading.

Richard

hadenoughnow

GeezerUK wrote: »

Hi,

I hope someone can clear a few things up for me please.

My wife has racked up c£10.5k in debts, been through Payplan and one of the options they have given is bankruptcy.

My questions really are on how my finances and property are affected should she choose this root.

Our home is owned by my parents and we pay a nominal rent, so i'm guessing this would have nothing to do with a bankruptcy.

But I have property (flat and a shop) jointly in mine and my brothers name (my wife is not named on the deeds), which has been purchased since I got married, would this in any way be taken into account?? It is paid for in full and no mortgage or debt is on the property.

How is the desicion taken about ownership of property in our house get taken into account. This one is really a side issue, the main question is regarding my other property mentioned above.

Thanks for reading.

Richard

If you home is not in your name, they cant touch it, you would just disclose your rent on your SOA, the flat and shop isnt in your wifes name either, so that wont be touched, but if your debt is only 10k are you sure BR is the best option? there is a new idea coming out in March called debt releif orders, for debts under 15k. and cost a lot less the BR fee. If i were you i would seriously look at other options before BR. You will see some contact numbers in my signature

tigerfeet2006

here we go
http://forums.moneysavingexpert.com/showthread.html?t=1385275&highlight=Debt+Relief+Order

Welcome to the board.