After Effects of Bankruptcy

voodoozoe

I really disagree with people that go bankrupt for debts of a mere few thousand pounds from being daft and spending money stupidly and think there should be a limit enforced so you need at least £20,000 worth of debt to do it.
My partner went bankrupt because his debts were all tied to our business eg. when the tax bill and rent bill came in January(our quietest time) he'd pay it on a credit card and it slowly mounted up and we never caught up. Also we had a twelve year lease on a property that was slowly falling apart round our ears, the roof needed replacing and we would have had to do that with the full repair and insure lease we had. Including the rest of the rent owed for the remaining six years of lease there was debt to the tune of £120,000!!!!!!!!
We made the decision for him to go personally bankrupt because we could never in a million years catch up with it all. I will be honest we have been to hell and back with it all and are still struggling with it now. He has had an early discharge but still can't get a bank account.
I really feel these people getting rid of small debts left, right and centre by bankruptcy are annoying the banks and making it harder for everybody to get back to normal afterwards :mad:
PLEASE BE FULLY AWARE OF ALL THE IMPLICATIONS BEFORE GOING BANKRUPT AND GET PLENTY OF EXPERT ADVICE BEFORE YOU GO AHEAD WITH IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

jesster_2

I agree. the article linked from the "28 and BR" thread really irked me!

With my OH we're talking business debts of around 35k and he's been struggling for a long while now. (We've kept everything totally separate, cus I'm working my own way out of my own pickle.)

BUT... thanks largely to the advice from you guys we have decided that he's going to give it one last (BIG!) effort to sort the debts without having to declare BR.

We may have to change plan AGAIN, but we're resolved not to do it unless we really, really, REALLY have no choice.

So thanks for all your help

creditcardking_2

Is there a better way to protect your assets incase financial difficulty does occur in the future, like having the family home in the wifes name and all the credit cards in the husbands name, is this sort of thing allowed.