Bankruptcy HELP...

sticks:

Hello

I am just after some help.

I have recently spilt with my partner of 8 years after he decided to leave.

I am living in our house (mortgaged) and currently pay the household bills, car insurance, council tax and half of our joint loan. He moved out (of his own free will) and is currently paying the mortgage and his half of the loan.

As his credit wasn't that great( or so i was told) i used my credit cards for any big bills. All was well whilst we where together as we paid the bill together. However he is no longer contributing toward the debt and i am now looking at bankruptcy.

I have a few questions if anyone can help or any advice if anyone has been in the same situation.

1. Will i loose my home? ( i have no equity)
2. Will i have to pay back a certain amount each month?
3. What assest will they cease as apart from our car i have nothing.

Any help or advice is greatly apreciated.

Cheers
Sticks:

Manoona

Hi Sticks!

Didnt want to read and run butim no expert when it comes to houses and Bankruptcy, it all depends on how much equite etc....

The first thing to do would be to contact one of the debt free charities to talk through your options;

National Debtline are very good as are the CCCS or if your able to get an appointemnt at your local citizens advice they are very helpful too!

You will only have to pay back a certain amount each month IF you have any disposable income left after your household expenses - you can do a Statement of affairs at makesenseofcards.com it will prbably help you loads.

The only assests that will be included in your bankruptcy are those worth over £1000, many people dont have any at all, but dont worry about any household items like TVs etc being taken.

Hope thats helped a little
Manoona x

dojoman

1, Not if you can afford the mortgage and there is no equity in the house.
2, Possibly, if you have more than £100 left after you have allowed for all your bills then a percentage will be payable for 36 months.

The percentage the OR can take for an IPA depends upon the excess:

Between £100 and £249 = 50%
Between £250 and £349 = 60%
Between £350 and £499 = 66%
£500 or more = 70%

70% is the max the OR can take so even if you have £2000 DI the OR can only take 70%.

3, Nothing unless you have something of a very very high value. Usually with most people it is only the car that is at risk.

Hope this helps?