Is Bankrupcy the answer???

Advent_2

Please could someone help me! We have accrued massive debts 39k to be exact. I knew we had a problem but not how much until recently. We have 9k debt in joint names but the rest in OH - If he goes bankrupt how will that affect us? As I was not aware of these debts am I still liable? we don't own our house its privately rented, & don't have any saving or anything to sell (I suppose selling our kids is still illegal in this country lol) gotta laugh eh? Payplan are helping us to get minimum payment agreements, but I wondered if bankrupcy is worth considering
Thanks in advance :eek:

Snaggles

If the bulk of the debt is in your partners name, could just HE go bankrupt? I'm not really sure of the implications with you not owning your own property, there are quite a lot of people on the 'bankruptcy and living with it' sub-board that are either going through it at the moment, or have gone bankrupt and are coming out the other side - they may be able to give you some answers. Whatever you decide, I wish you all the best, and do keep hold of your sense of humour (but I think selling your kids IS probably illegal, sorry! lol! ).

CLAPTON

if you would like to post a SOA and add some details about your general situation..family , children, jobs, etc it will be possible to give some informed advice.

james32_uk

I believe with the joint debt of £9k just your husband going bankrupt would entitle the bank to go after you for the whole balance. However, check with Payplan. They're great at explaining your options. Just ask them!

Post an SOA. It'll be much easier to see what options would be good to consider.

Broken_hearted

I think if he goes bankrupt then you will become responsible for all the joint debts, also your credit rating will get shot to pieces as you are linked to him.

Advent_2

Credit rating already seems to be bad (i think its been blown up not shot to pieces lol) I will gladly take on joint debts but wondered if he goes bankrupt if I will be liable for the debts in his name solely.

lynzpower

As others have said the best thing to do is to post a SOA, then we will be able to give much better quality advice

Broken_hearted

Advent wrote:

Credit rating already seems to be bad (i think its been blown up not shot to pieces lol) I will gladly take on joint debts but wondered if he goes bankrupt if I will be liable for the debts in his name solely.

No you won't but some companies might try to tell you that you are.