how and who does it affect

Anthillmob

hello

how does one go bankrupt. what does it mean and would it affect me if my parrtner did so and i didnt? what would bailiffs be able to do on his debts if i wasnt bankrupt. we re not married. and not bankrupt but he could well do with going so himself, i can manage my debts. tanks in advance.

fiveyearplan

There is a bankruptcy factsheet sticky on the front page of this forum - have a look there for loads of information on bankruptcy.

Once you are bankrupt bailiffs cannot take any of your stuff. If your partner went br and you don't then the only way it can affect you is if you have any joint accounts or liabilities. Your home insurance might be affected too so shop around for BR friendly insurers.

Anthillmob

cheersw. i have my own account and household insurance is in my name. hopefully we wont have to go this route, im hoping to speak to his debtrs come new year ande make arrangements for monthly repayments.

or do people suggest bankruptcy? he owes 10k, i owe and am currently paiyng back approx 2k of my own debt.

So_Sad_Angel

Hi Anthillmob

You are best to get advice in the first instance from one of the debt charities CCCS,Nat Debtline or CAB.

BR is a last resort & if that is the outcome then you need to be aware that any joint debt will still fall to the un-bankrupt party.

To go BR your OH will need to complete a BR petition & attend court to declare. The cost is £510 (with reduction on benefits) & lasts 12 months max...with potential for early dischage before the 12 months in some cases.

If it is at the bailiff stage I would suggest getting advice asap.

BR is individual to each person & as everyone`s credit file is individual then you will not be affected. You may be linked however if there is shared debt but I think you can be dis-associated.

Hope that helps

Angiexx

So_Sad_Angel

Anthillmob wrote: »

cheersw. i have my own account and household insurance is in my name. hopefully we wont have to go this route, im hoping to speak to his debtrs come new year ande make arrangements for monthly repayments.

or do people suggest bankruptcy? he owes 10k, i owe and am currently paiyng back approx 2k of my own debt.

May be worth looking at Debt Relief Order ( for debt under 15k) there are certain conditions & there is a sticky at the top of this board.

Tinytim

Hi Anthillmob,

As others have said, do read the sticky's and speak to one of more of the debt charities. As others have said it will depend on individual circumstances. Debts of £5k could be crippling to someone living on benefits, whereas debts of £30k could be manageable to someone on a reasonable income. Whether BR or not is the best option will depend on how much disposable income is left after paying out acceptable living expenses. The more disposable income, the more an alternative course of action (like a self administered DMP) becomes a possibility.

If you are able, post up a copy of your SOA, which may shed some more light.

Anthillmob

thanks peeps.

i work part time and he works commission based with low basic wage. but at least we have jobs.

he ran up debts when he could afford them and of course now the creditors dont want to know and are hassling us via the phone. i feel he is sticking his head in nthe sand about all this. have had one bailiff @ the door who went off happy with an arrangement with the co he owed.

i have debts of just under 2k, we have 2 small kids ages 4 and 2. live in council accomodation. we both gave up smoking, me the most recenlly, because of finances.

have rent arrears thanks to him losing his jobfor 2 weeks before starting where he is now and not qualifying for full HB and CTB [im a hb nd ctb assessor so know the rules of claiming and dont agree with the whole 'new job, wages taken from the start date regardless of payment being made at the end of the month'. it dont make sense but it is sense and because for 2 weeks he wasnt working but had another job lined up hb refused to take the tax credits i receive and pay out in child care costs into account.

and i can argue it as its my job yet it is someth9ng ive been passionae about long before 5his happened. i like to be fair.

So be a nightmare. i have my debts in order. i dont know his as we had seperate accounts and im very laid back and 'get on with it yourself as long as me and the ids get fed and watered'. perhaps the wrong way o go about things but ive always paid the rent and ctax and he has always got the shopping and the bills.

however i read a letter from his bank saying that not only were they taking back £150 per month for his overdraft but as he had gone over his agreed overdraft they [lloyds] were charging him £15 A DAY for his account. they also charge him x amount a month per m0nth for his account.

surely this cant be right.

so, now he gets paid by cheque its going into my account. he aint informed lloyds yet who keep callng. come new year i have said he hasto inform everyone he owes and pass to me. is this wise? i think so, together 11 years almost and 2 kids.

i want to control 'the purse' and pay said debts at a manageable amount per month on agreement. i very very much doubt he would leave and leave me with the debts. debt cost his previous marriage, once bitten.

sizzler

Oh the one I miss especially at these times cigarettes. i have one on a moring one on a night. Mind I used to smoke 40 Bensons a day.

Sorry about that, Hope you the best of luck, get as much advise as posssible to make your decisions.

Dont forget keep loving the kids. Hope you get sorted.

Sizzlers having another dizzy Day.

Best regards sizzler:T