Can I go bankrupt and it not effect my Wife

NeedaPaddle

Hi Everyone

We are exploring our options at the moment. We owe £100k on cards - I owe £60k on cards and my wife owes £40k. We could probably cope with the £40k but the total is about to break us.

The house we live in is in my wifes name only. Can I go bankrupt and the house not be effected??

Any thoughts....

plumduff-2

Depends on whether the OR thinks you have any benficial interest in it... ie - you paid the deposit, you have been together many years...

If you have recently married and the house was your wifes beforehand, then maybe no BI, but if the house was bought whilst you were married, then you would probably have BI in it...

NeedaPaddle

Thanks. That probably rules it out. Thanks for the reply. Looks like we will both have to walk the plank.

plumduff-2

Go and make an appt to see an Insolvency Practitioner... Grant Thorntons are well respected and will look at BR and IVA options with you... they will advise you on the best options for your circumstances... GT are nationwide, so do a google search... Theres also Mercer & Hole...

Richard_S

NeedaPaddle wrote:

Thanks. That probably rules it out. Thanks for the reply. Looks like we will both have to walk the plank.

Hi NeedaPaddle,

I wouldn't rule it out that quickly, the claculations are fairly simple as to whether you would be better declaring bankruptcy on your own or the pair of you. You've certainly got some "wriggle" room with the house being in your wife's name and you having the majority of the debt.

Your best bet is to contact one of the debt chartities, CCCS, CAB, National Debt Line, Payplan etc and see what they advise.

I wouldn't contemplate paying for advice as this inevitably seems to ba a complete waste of money.

Regards

Richard

plumduff-2

Perfectly correct and GT will do an initial free interview as im sure M&H do...

Def do not pay for advice

shameless-about-money

He could also see the Financial expert at the CAB free of charge - not one of the volunteers - the paid expert

plumduff-2

Could do - but as an exCAB'er - they usually refer people into an IP anyway in situations like this... To avoid getting sued if the client decides BR wasnt for them afterwards...