worried

worriedmom37

Hello I have an appt next week in court to go bankrupt.
Firstly i wondered I am married, my husband owns a house that we live in with kids been here 9 yrs but my name is not on mortgage and never has been, can they touch the house??
also I have a mobile phone contract thats about 40 a month will this be taken off me??
thanks for any advice very worrying

bluebells_2

Hello

There will be a few others here soon

In answer to your queries i think with the mortgage as its not in your name then it wont be taken into consideration but others will probably know more on that front

The OR will look at what you pay to the household etc and as for mobile contracts i dont think that matters as long as you are upto date at the time of BR they just continue to run

I havent done the deed yet im still saving for mine which wont be till the end of august

hope ive been of help ..

dojoman

Is there any equity in the house? If there is then there is a good chance the OR will be interested in it. Also if you put up your full SOA, we may be able to help you.

http://www.makesenseofcards.com/soacalc.html

worriedmom37

thanks for your reply sorry whats an soa???
I have an appt on the 20th at the court loaned the fees off my dad but we are very worried about the house. Its a nightmare. I owe out about 21,000.
good to chat with others going through it and gone through it .x

alastairq

the SOA is the ''Statement of Affairs''.

You will have had to complete one, for your Application for Bankruptcy....the legal forms which must be completed before you Court appointment.

A more comprehensive SOA is completed for the OR.

This outlines, in detail, your Income....amount of debt [and to whom]..and your expenditure.



Regarding the house...although your name isn't listed on the mortgage deeds, having lived there for some time, and being married to the original owner, means you do have an 'interest' in the house. [which would apply, even if not actually 'married']

What the OR would look at, would be what your contribution towards the upkeep and payments for the house amounted to.

Bear in mind, you don't actually have had to pay directly towards the costs of a mortgage......'indirect' payment is also valid..ie, if you have had an income which contributes towards the joint household income?

I suspect the OR will try to determine the percentage of your contribution, with regards to the equity within the property, and make an offer to you to buy the Beneficial Interest. This would not occur immediately [some 3 years I believe can be the time-scale]....and is negotiable.


To put this 'interest' into perspective.....if you and OH were to undergo a Divorce, then you would have an 'entitlement' to half the joint assets..or their value.

Which would include the property!

It is the 'negotiations' regarding this value that leads to messy divorces, and healthy lawyers' incomes.

dojoman

Have you taken advice from anyone, debt charities or an IP maybe? As you don`t seem very clued up on the implications of going BR.

worriedmom37

yes i have spoken to cccs who agree that bankruptcy is probably my best option. The bloke did say that as I haven't worked since we moved into this house and I haven't contributed to any of the mortgage or there has been no home improvements they couldn't see how they could touch the house. Also i did sign an agreement at the solicitors to say I knew there was a mortgage on our property and I had no legal rights over it.
When you say i don't seem to know the implications of it, do you think i am making the wrong decison??
My hub will not pay my debts as he is paying all the household bills and mortage etc, also he doesnt see why the child tax credit should all go on my debts when he is struggling to pay bills.
will they take the child tax credit as income??
thank you very much for all your advice its a worrying time

worriedmom37

oh sorry and i have printed off the papers and done 3 copies as they told me.

dojoman

Thanks for clearing that up, no I was not implying that you have made the wrong decision, sorry I did not mean it to come across like that, the only person who knows whether it is the right decision is the person going BR. I was slightly concerned that you had not taken advice but you have and that is fine. As far as I am aware all benefits are counted towards income, but if your income is solely from benefits then no IPA can be awarded.

worriedmom37

thank you for your replys this is a brilliant web site and good to be able to talks to others who know a lot more than myself on bankruptcy.

worriedmom37

Also can I ask do you have to have exact date of when you took cards etc out? I have had mine yrs as been on a debt management plan and not sure of exact dates. Should I phone each one up and ask? just that most are with debt collections.
Also I am repeating credit cards twice as in creditors and banks and credit cards. Is this correct.
Thanks very much.
Nerve racking.
Also we have a car that my husband bought and still has a small amount on finance. It was in my name until last Oct when I transfered to his once he found out about all my debt. He has receipts and bills with his name on just wondering if they check with dvla my name would be on there till oct of last yr should I put this in the car section ????
thanks again