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Bankruptcy form question - joint debts
timpe
Posts: 60 Forumite
Hi all,
My former business partner and are jointly liable under personal guarantees for debts of 40k. I've been sent letters from the creditors for the full amounts. My business partner intend to go bankrupt to at which point I'm 100% liable for the debts if he goes BR before me.
On the BR forms do I put down my 50% of the debt or the full amount?
Many thanks
My former business partner and are jointly liable under personal guarantees for debts of 40k. I've been sent letters from the creditors for the full amounts. My business partner intend to go bankrupt to at which point I'm 100% liable for the debts if he goes BR before me.
On the BR forms do I put down my 50% of the debt or the full amount?
Many thanks
0
Comments
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Full amounts. You are not liable for 50% as joint liability means full responsibility.0
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Thought so. Thanks for the feedback.0
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