Will my wife going bankrupt effect the rest of the family?

MTPOCKET

Hello, my OH has been advised to declare bankrupcy, we have a joint mortgage & 1 joint bank account, can his bankrupcy have any effect on these ?
My car is his name, is it taken into account that i need a car to do the school run & get to work myself !
thanks in advance

Merry_Gentry

Hello, my OH has been advised to declare bankrupcy, we have a joint mortgage & 1 joint bank account, can his bankrupcy have any effect on these ?
The mortgage and any overdraft on the joint bank account will fall to you upon his bankruptcy.

My car is his name, is it taken into account that i need a car to do the school run & get to work myself !
The OR may take your OH's car - despite the fact that you use it, it is in his name so you would need to prove that it is NEEDED not just wanted/convenient.

I think you need to get some advice for the effect on you if/when your husband goes bankrupt.

fiveyearplan

spirius wrote: »

Thank you

It just occured to me that they might want her engagement ring?

They will only know about her engagement ring if the purchase came out of her bank account. As you say you don't have any joint accounts it is unlikely she paid for the ring herself. The OR takes it on trust that she lists her assets.

I actually forgot to take my ring off for my OR interview and nothing was ever mentioned. Can't remember if I had my rolex on or not.