Bankruptcy?

ineedhelp2008

Hi, my DH and I are slowly drowning in debt and as he is in the construction trade there is little chance of things getting better.

We can't have a DMP as we have no money left over for debts.

If this was the road we chose, it would be easier if I went bankrupt as DH is self employed.

Most of our debts are credit cards and one joint loan. The credit card debt is scattered between us. If we balance transferred some of DH's credit card debt to my cards and then I declared myself bankrupt, how would this sit with the court? If we transferred the money about and then left it 3-6 months would this be better? What would happen to the joint loan?

Thanks for any help you can give me, I am sat mulling things over and questions keep popping into my head. I know we need proper advice but wanted to ask people who have actually been there and done that...

DON79

Hi ineedhelp2008

As you are at the point where you have realised that you are insolvent, it would not be recommended to take on more debt where you know that you cannot repay it except for things that you cannot avoid - like buying food to survive. So although it would get rid of more of the debt, I can't recommend doing more balance transfers. It is your choice of course. even if you did wait 3-6 months, the OR investigates back usually 12 to 24 months of credit card and bank account transactions, so it may still get questioned.

Even if you both go BR, it will not prevent your OH being self employed - is he a sole trader or a ltd co.?

If only yourself went BR, the responsibility for the joint loan would fall to your OH.

Do get some professional advice too but hope this helps a little.

Donna