Declaring Bankrupt next week

Robbom1

Hi all, wondered if anyone with recent experience can ease my worries!

I am due in court next week to serve my petition for bankruptcy. I have been left in a situation by my ex partner where I can no longer afford to repay all her debts and the mortgage etc on my own so I am declaring bankrupt after struggling for the last 2 years.

I now live with my fiance in a rented house and we expecting our second baby.

I know my old house, in my ex partner and my name, will be taken under the bankruptcy order, however I am worried abiut what wil happen to mine and my fiances joint account.

We both get paid our salaries into this account and all our Direct Debits come out of this account.

I have read many things about what happens regarding freezing bank accounts etc, but none are very clear.

Can anyone clarify what is likely to happen to our joint account please?

many thanks

JCS1

Which bank is the joint account with? And is there an overdraft on it?

Robbom1

Hi, It is Natwest and there is no overdraft.

It is just a simple bank account with a Debit Card, no cheque book or overdraft facility

JCS1

Natwest are unlikely to let you keep the bank account after your BR. They will probably close it.

Check out the sticky at the top of the forum about bank accounts, you will need to apply to one of the BR friendly banks such as Co-Op or Barclays.

The other option is to remove your name from the Natwest account as an interium measure until you can get a new account sorted.

Robbom1

Thanks,

Can I take my name off the account even if I have noted the account in question on my petition?

Also, if I do take my name of the account, can my salary still be paid in to it?

JCS1

Robbom1 wrote: »

Thanks,

Can I take my name off the account even if I have noted the account in question on my petition?

Also, if I do take my name of the account, can my salary still be paid in to it?

Shouldn't be a problem to take your name off as long as the account is in credit. Add a note to your SOA or mention to your OR during interview. There might however be an issue if the OR writes to Natwest, so I'd get moving with Co-Op/Barclays as soon as you can

And fine, you can have your salary paid in to whatever account you want.

Robbom1

OK, brilliant. Do I apply to Barclays now?

I was under the impression that I should not open an account until after I had been declared bankrupt?

Robbom1

JCS1 wrote: »

Shouldn't be a problem to take your name off as long as the account is in credit. Add a note to your SOA or mention to your OR during interview. There might however be an issue if the OR writes to Natwest, so I'd get moving with Co-Op/Barclays as soon as you can

And fine, you can have your salary paid in to whatever account you want.

So to get it straight, I am in court on 22nd April, what I need to do tomorrow is take my name off my our joint account, cancel all Direct Debits from the joint account and then set up a new Bank Account with Barclays in my own name?

When my salary gets paid into our old joint account (now just in the name of my fiance) on 25th April, will the OR take this money?

Chrisblue1962

Robbom1 wrote: »

Hi all, wondered if anyone with recent experience can ease my worries!

I am due in court next week to serve my petition for bankruptcy. I have been left in a situation by my ex partner where I can no longer afford to repay all her debts and the mortgage etc on my own so I am declaring bankrupt after struggling for the last 2 years.

Hi Robbom1

I'm sure that you've looked into this already but why on earth have you been trying to repay your ex-partners debts?????!!!!

If the debts are solely in her name, you are not legally obliged to pay any of them, unlike debts jointly entered during a marriage.

Personally, I'd let her repay her debts rather than seriously jepodise both your own future and that of your fiance and child. Why let your ex-partner walk away from all that debt and leave you in the lurch? I would seriously get some professional financial &/or legal advice before declaring yourself bankrupt. This is not a time for noble jestures, wanting to stay friends or anything like that - they're her debts, her problem!!!

Sorry if this seems harsh advice unless I'm missing something....

Robbom1

Chrisblue1962 wrote: »

Hi Robbom1

I'm sure that you've looked into this already but why on earth have you been trying to repay your ex-partners debts?????!!!!

If the debts are solely in her name, you are not legally obliged to pay any of them, unlike debts jointly entered during a marriage.

Personally, I'd let her repay her debts rather than seriously jepodise both your own future and that of your fiance and child. Why let your ex-partner walk away from all that debt and leave you in the lurch? I would seriously get some professional financial &/or legal advice before declaring yourself bankrupt. This is not a time for noble jestures, wanting to stay friends or anything like that - they're her debts, her problem!!!

Sorry if this seems harsh advice unless I'm missing something....

Hi, Debts are in joint names im afraid. We bought a house together at 20 years old. She wanted a loan and had poor credit so we took out a loan against the property for £13,000. Sounds stupid now but at the time I didnt see the consequences. Shortly after taking the loan, she left and cleared me out completely! I have no idea where she is so couldnt sell the house and had to keep up with payments!

Believe me, BR is my absolute final resort!!!! I have been trying to find an alternative for years and can't cope anymore and it's unfair on my new family!!!

frenchmaiden

I am in a situation where I m considering bankrupcy and I also thought that one should not open another bank account before BR - what is the opinion on this then guys? I was also advised that if you speak with your bank they may well allow you to keep your accounts?