Husband's bankruptcy - please help :(

gtanny

Surely he will eventually get a job or do you intend on supporting him for the rest of your lives?

If not he could be running to avoid baliffs for a long time and with debts of 1m I can't see them being to easy on him.

With regards your money though if he is the only one going BR any debt you have in joint names will then be your debt. But as for repayment you may be asked but have no obligation to disclose your income so don't worry about what you earn

And ill choose to not get involved with the fraud part of the discussion this is somthing you need to be asking BR professinals and lawyers about and I am neither.

bobbingalong123

Again - NO joint debts.

Why would he bother getting a job when income will just be taken?

I have an excellent career so can easily support us. In fact him being a stay at home dad works perfectly for us. I can probably double my income if I work full time which with him at home I'd be able to do.

Brock_and_Roll

bobbingalong123 wrote: »

Again - NO joint debts.

Why would he bother getting a job when income will just be taken?

I have an excellent career so can easily support us. In fact him being a stay at home dad works perfectly for us. I can probably double my income if I work full time which with him at home I'd be able to do.

As previously stated, debts obtained by fraud are not wiped out by banckruptcy. Fraud is effectively theft, and if the debts were wiped out it would be very tempting for peeps to run up big debts, spend/hide the cash, then serve a short stretch. I think we all agree that if someone stole £1,000 from a cashtill, they should be made to pay it back.

If the fraud is proved, the debts will remain. However, they would not take all his income - a % would have to be agreed. However, there is no doubt that it will be a millstone round his neck until all repaid - at some point the kids wont need care etc and he might want to be financially independent again. Never being able to get a loan, credit card, mortgage etc again is however a price he might have to pay.

Trollfever

In fact him being a stay at home dad works perfectly for us.

He could end up with a 15 year BRO/BRU.

wildheart83

Trollfever wrote: »

He could end up with a 15 year BRO/BRU.

I think a 15 year BRO / BRU is the least of his worries. However if he is determined not to repay any of these debts, they will continue to hang over him for a lot longer than 15 years.

bobbingalong123

Not determined not to repay!!!! Not like that at all!!! Just he can easily be a stay at home dad whilst I work. And he is planning to agree to a 15yr BRO anyway. With a £1m of debts I can't quite see the point in working, there will be no end in sight.

bobbingalong123

Brock_and_Roll wrote: »

Never being able to get a loan, credit card, mortgage etc again is however a price he might have to pay.

Errr yeah I think that's a given!!!

ineedsleep

Jesus... I thought I had worries! Hope it all goes ok for you xx

debtinfo

There are alot of unknowns here really so it is not really right to speculate on what the consequenses might be,

for instance, how much was the fraudulent bit all of the debt or just a tiny bit, it is possible that the fraud ran right though and was planned from the start, or it might be that it was simply a way of not admitting the truth and mostly just at the end

£1m sounds like a lot of money but it depends on what sort and size of business that he ran.

It can also depend on the type of fraud that was done, whilst still wrong, inflating someones income an application might not be as bad as taking deposits of old ladies and not doing work intentionally for instance.

So unless the OP is willing to tell us more (and i fully understand why she may not want to, in fact would not be wise to with an ongoing police investigation) then any answers would be mostly speculation

Spirit_2

bobbingalong123 wrote: »

Not determined not to repay!!!! Not like that at all!!! Just he can easily be a stay at home dad whilst I work. And he is planning to agree to a 15yr BRO anyway. With a £1m of debts I can't quite see the point in working, there will be no end in sight.

The point in working may be that although it does not increase your total family income initially, it may in the long term ensure he can play a useful part in your 'economic welfare' and help him maintain his mental health and wellbeing.

If there is an expectation that he doesn't profit from fraud would it be better for him by way of mitigation to be obviously trying to make every effort to make recompense?

If in the short term him being a stay at home dad is your best tactic to provide for you and your baby then go with it.