We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Bankruptancy and other half
stephga23
Posts: 202 Forumite
Hi,
I am just wondering all debts are in my name, we have a northern rock basic bank account together that has never been used for over 2 years( has about 2p credit in!), will it effect my other half financially if i go bankrupt? i.e will he be made to pay?
Also, what are assets? I thought they were antiques etc and i dont have any of those any savings or own my home does that mean they can come and take my sofa dining table etc?
Thanks for your help - i am just a bit confused!
I am just wondering all debts are in my name, we have a northern rock basic bank account together that has never been used for over 2 years( has about 2p credit in!), will it effect my other half financially if i go bankrupt? i.e will he be made to pay?
Also, what are assets? I thought they were antiques etc and i dont have any of those any savings or own my home does that mean they can come and take my sofa dining table etc?
Thanks for your help - i am just a bit confused!
0
Comments
-
Hi Stephga23. No, they won't come and take your personal belongings unless you have expensive antiques or jewellery etc. Most domestic items are excluded - they will not come to your home. Most people list 'no assets' no their form. If you have a car there is a separate place to put that.
If all your debt is in your name only your OH will not be chased for any of it.
:j :j
0 -
It would probably be a good idea to either close the joint NR account or have your name removed from it, otherwise your OH will be linked to you and his credit score could be damaged too.Accept your past without regret, handle your present with confidence and face your future without fear0
-
Thank you. I really imagined people turning up at my home with a check list of what they wanted like on that tv programme bailiffs! That eases my mind now. I doubt they want my cheap jewellry from primark!
I dont drive, i use public transport boooo lol. However, he has recently taken out a loan for a car and we have got that but its not in my name i dont drive it and its not on HP so that wont effect me will it? Will i still need to list it on the forms even though its not mine?0 -
The forms ask if there is a car you have the use of. Just put that down but state it is not yours but you may be able to include some insurance/petrol for the use of the car. The OR cannot take it away because it doesn't belong to you.
:j :j
0 -
I was under the impression that if there are joint accounts you would both be made bankrupt if these are not closed beforehand. This is of interest to me as I am in a similar position.
Dirtpoor0 -
Only if the accounts are in debt dirtpoor. OP's account is in credit.Accept your past without regret, handle your present with confidence and face your future without fear0
-
If the account is overdrawn the balance would just fall to the non BR person - they wouldn't have to go bankrupt themselves.
:j :j
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards