Need A Few Things Cleared Up

cp33c

Hi All,

As the title says, I was wondering if someone could help get a few things cleared up for me. Basically I'm looking at going bankrupt as my wife has just been made redundant.

Currently I owe approx. £36k and I'm currently on a DMP. My wife owes approx. £8k and is paying them off fine with no problems. The £36k debt has been going on for so many years that anything that I purchased with that money has now been chucked, broken, etc. The 8k debt my wife has, is mostly the car she owns. When looking at things I have nearly no assets as most of the items are in my wifes name.

Now onto the questions:
1. If I go bankrupt will she have to give up the car? The car is in her name and has never been in my name. She is also not looking at going bankrupt due to the car

2. Kind of linked to No. 1, would we have to prove that assets in our house actually belong to my wife, or will the OR just see that anything in the same house that I live in can also be seen as my assets? (if that makes sense)

3. We are currently renting. Can our landlord kick us out?

4. My wife and I have been talking about me going bankrupt for quite a while as we've known about the redundancy for the couple of months, but she keeps remembering something one of her lecturers told her a number of years ago, when she did her LLB Law degree. Her lecturer told her that once someone is discharged from being bankrupt and once they are back on their feet, the creditors can come after the money owed. Is that true?

Anyway, thats it for now.

Thanks

mysterio_2

cp33c wrote: »

Hi All,

As the title says, I was wondering if someone could help get a few things cleared up for me. Basically I'm looking at going bankrupt as my wife has just been made redundant.

Currently I owe approx. £36k and I'm currently on a DMP. My wife owes approx. £8k and is paying them off fine with no problems. The £36k debt has been going on for so many years that anything that I purchased with that money has now been chucked, broken, etc. The 8k debt my wife has, is mostly the car she owns. When looking at things I have nearly no assets as most of the items are in my wifes name.

Now onto the questions:
1. If I go bankrupt will she have to give up the car? The car is in her name and has never been in my name. She is also not looking at going bankrupt due to the car car belongs to her..your going BR it'll not be touched

2. Kind of linked to No. 1, would we have to prove that assets in our house actually belong to my wife, or will the OR just see that anything in the same house that I live in can also be seen as my assets? (if that makes sense) the receiver is only interested in assets that will raise at least £1000 at auction...they're not interested unless its a couple of old masters or a rolls in the garage

3. We are currently renting. Can our landlord kick us out? depends...check your tenancy agreement for a BR clause..

4. My wife and I have been talking about me going bankrupt for quite a while as we've known about the redundancy for the couple of months, but she keeps remembering something one of her lecturers told her a number of years ago, when she did her LLB Law degree. Her lecturer told her that once someone is discharged from being bankrupt and once they are back on their feet, the creditors can come after the money owed. Is that true? Unfortunatley thats incorrect....all debts taken into bankruptcy will be wiped (any joint debts can continue but will be passed to the person NOT bankrupt)

Anyway, thats it for now.

Thanks

Hope that helps

SkintYokel

Hi There

I'll answer this to the best of my knowledge, if anything is wrong then someone will be along to correct me before too long I expect. If you are still unsure, contact one of the debt charities for proffessional advice, they are very busy at the moment though.

1) Bankruptcy is an individual thing. If the car belongs to your wife and is in her name and she is not going bankrupt then it is NOT an asset which can be included in YOUR bankruptcy.

2) The same really applies with household items, although unless they are high value (usually means they are worth 4 figure sums or more for EACH item) they are not genearlly seen as a usable asset to be claimed.

3) Check your Ts and Cs in your rental agreement. Some landlords don't like bankrupts, some couldn't care less one way or another as long as you pay your rent on time and there are some out there who actually prefer bankrupts as tenants as they know that they are unlikely to default and are now financially viable.

4) All unsecured debt you have at the point of your bankruptcy is written off by your bankruptcy. Creditors cannot chase you for this at ANY time afterward.

Hope this helps (and also hope I haven't given you any duff information!)

bcljnk

I'll try to help, but i am new to, but read loads on here, someone more in the know will correct me if i am wrong.
1.if you have proof with receipts that your wife bought the car then the OR will not have any interest, ie if she got a loan then bought it ect, sadly if you used a CC card or something then its linked to you.
2. I think assets are mainly cars and homes, not general household items.
3. best read your tenancy agreement
4. once bamkrupt and discharged they wont comeback for the money, i think if its before discharge and you came into some money then its the ORs.
Hope i have helped a little

SkintYokel

LOL!

Near identical info posted simultaneously.

cp33c

WOW!! That was very quick. Thanks for the answers. No doubt I will have more at some stage if we decide to go through with it. We've got a couple of months left until we are officially skint.