Still haven't had the balls to do it !

cosmic_dave

Although going BR is our best option I still have not had the balls to do it, We have all the court papers but frightened to go any further, anyway my question is can I go BR on my own ?. What I mean is me go to clear my business and personal debts and the wife not to go BR, we have 3 joint loans what happens to those ?

wheredmymoneygo

I'll start with the easy one. The joint loans will just become your wife's responsibility.

wheredmymoneygo

Oh, and yes you can go BR on your own.

Do you share the mortgage with your wife?

akpsi_pr

Hi.

I know for a fact that your wife would become solely liable for the joint loans if you were to go bankrupt on your own, hence leaving her with the debt.

Bankruptcy is a big step but as long as you have taken the right advise, i.e from CAB then you will be ok. From a personal prospective it was the best decision I have ever made!

Good luck.

cosmic_dave

wheredmymoneygo wrote: »

Oh, and yes you can go BR on your own.

Do you share the mortgage with your wife?

Joint mortgage.

wheredmymoneygo

If it is just you that is going BR, and you have a joint mortgage, the OR will work out what your "interest" is in the property. Your wife can then make them an offer to buy this interest back.
That is quite a brief and high level description of the process, but there are several people on here who can offer more details.

tigerfeet2006

Dave how much debt will your DW be left with if you go BR, hers and joint debt? Would it be possible for her to do a DMP if you go BR?

cosmic_dave

tigerfeet2006 wrote: »

Dave how much debt will your DW be left with if you go BR, hers and joint debt? Would it be possible for her to do a DMP if you go BR?

That's a thought ! we have mortgage (in neg equity) and a £25.000 unsecured loan with NR, and a secured loan for £10.000 (in know you have to treat a secured loan as a mortgage) and she has a few little debts left no more than £2.000 in total.

This may be the best way to go ?

tigerfeet2006

Give someone like National Debtline a call and check with them if they think this might be an option for you.

Does she have an income of her own?

cosmic_dave

tigerfeet2006 wrote: »

Give someone like National Debtline a call and check with them if they think this might be an option for you.

Does she have an income of her own?

The NDH say they think it may be right to go jointly,
and yes she has a part time job.

tigerfeet2006

If she has only a part time job with £27k of debt I can see where NDL are coming from I am afraid.

If it is the finding of the fees you are worried about you could go BR first and then your DW could go BR at a later date when you have saved the next lot of fees.

Would you be eligble for the redemption on court fees?