Help me - I'm new to this and need advice

ericha6677

My husband has been self-employed for over 15 years and is currently facing extreme financial difficulty and seriously considering bankruptcy. I have a good job (dep. head), but we have 3 children, 2 of whom are at university and 1 in college. As he has been out of work since xmas, and not entitled to any benefits i am currently paying all the bills, the accomodation costs for the students, the whole shebang. Our house has already been remortgaged and we are tied into a two year deal, we lose £14000 if we sell before 2 years. I am against going br. Can he do this without my agreement and where does it leave me and the children? I think my marriage is going to end because of this.

tomterm8

He can go bankrupt without your agreement.

You should probably contact the national debt line to discuss things. It very much depends on whether there is equity in the house. If there is no equity in the house, you could buy his beneficial interest for £1, plus a nominal fee. Take into account, the valuation of the property would be lower than normal, because the house would be priced to sell quickly.

If there is equity in the house, the house might be reposessed, unless you can buy out the equity. If you have school aged dependants, this will take around a year.

His bankruptcy should have little effect on you, other than the fact that if you have joint debts, creditors could still come after you for repayment even if they can't go after your husband.