Going bankrupt

densol_2

Can someone help me urgently.

My boyfriend is at Court wrangling over his divorce. Basically his ex wants everything ( all equity ) and to leave him 20k in debt. He would have a pension but that is it.

As far as I am concerned he may as well go bankrupt and lose the lot anyway. I want him to move 50 miles give up his job and I will let him live in my house ( my name ) and he can look after the kids etc.

What happens. How easy and quick is it to declare yourself bankrupt?

How long does it last ?

kathfisch

Hi there!

I really don't have the knowledge to answer your question but i'm bumping this up in the hopes that someone else will! I hope you find a solution to the situation you're in and the stress it must be causing you.

x

rog2

I think that you need to wait to see exactly what the divorce settlement is. If, as you think, he is left with a debt of £20k, and no way of paying it off, then bankruptcy could be an option, but it needs to be considered along with all other options as it will have long term implications on him.
Let us know the final outcome of the divorce and we will be in a better position to advise.

sueshells

Hi - I have just gone bankrupt and this is how I did it!

1/ Went to the Insolvency Service website and registered. This was very quick.

2/ Filled in the lengthy forms on line. Very straightforward but took a couple of hours or so.

3/ Printed out the forms as instructed - two sets of copies needed for the Court.

4/ Phoned the local County Court and made an appointment - the appointment they gave me was about a week but other Courts may be quicker/slower depending on workloads.

5/ Went to the Court and handed in/signed forms/paid fee. Then waited an hour to be called before the judge who made an immediate order of bankruptcy against me. At this stage, I understand, I was no longer responsible for my debts.

6/ Spoke to the Official receiver on the phone at the Court Office and gave a few details of my financial situation.

7/ Two days later received official notification from Official Receiver and date of telephone appointment for interview which will be conducted (tomorrow, rather nervous!) with me at home and the Receiver in his/her office.

Hope that helps. I might have been able to speed things up by phoning the County Court for an appointment before I tackled the online forms as I found them hard going on an emotional level and took a few days to work my way through them. You can save the forms and go back to them which is very useful.

Have to say that it has still been a huge load off my mind to be free from the debts, which I stood no chance of paying, and I feel more relaxed now than I have in many, many years. Am apprehensive about the interview tomorrow but feel that I can make a fresh start whatever happens.

I went bankrupt following advice from members of this forum and from the CCCS.

Good Luck with your own situation - it's very difficult when other relationships and children are involved but the end result should be fair for everyone. Achieving that isn't easy. I speak from experience!

Regards,

Sue

jitsuguy

Unless there is genuine reason, most judges will split property and debts in half. So if the debts are in both your names you are both equally resposible for it.

This could work out quite well (depending on how much revenge you like to give out!). If the judge does leave you with all the debts (which I hope are in both your names) and gives the money to the other half. When and if you declare backruptcy the companies will chase your ex! :rolleyes:

I know I have an evil side before any mentions it!! I just can't help!

Jitsuguy

densol_2

Thank you all so much, especially Sue that was very helpful.

OMG - He has just telephoned me from the Court!!! She has ageed to a clean break - he is free - she gets the equity ( he does not care ) he gets his freedom and keeps his income.

Believe it or not just having the comfort of your replies today has helped me greatly!!

sueshells

Hi densol,

That is great news - hope that you can now relax a bit and enjoy being together.

Good Luck,

Sue