bankrupt marriage

smcv4

Hi my Wife has moved in to her house about 6 years ago , mortgaged is in her name. I am employed and think about bankrupt i own apartment with my friend we bought for 165 and its now 50grand My main concern is whether my income and assets will be taken into account i have so money in my account and me and wife save up 3 thousand pounds , none else just wonder as we are marriage will affect my wife house etc really appreciate advice.....many thanks in advance

Steve

IF

Hi Steve and Welcome to the Bankruptcy (BR) Board. First step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
  

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash take your time and weigh up your options and read everything you can.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations.

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.


Best wishes
If...x

smcv4

thanks for your reply ifwisheswerehouses ..... i will contact the citizens advice. What I was really wanting to know is can I get bankrupcy and free myself of my apartment, without affecting my wifes property. My wifes property is only in her name and my apartment is in joint names with my friend. I have a joint bank account with my wife and live in her house.

sniggings

your first post is hard to understand

your BR will affect anyone who shares credit, loan or mortgage so your wife's house in her name should be safe but the flat you share with your friend will most likely affect him, if you go BR,if you share any links with your GF such as accounts loans etc then her credit rating will most likely be badly affected too.

smcv4

Thanks alot, If i go BR how long before i can apply for credit again

sniggings

smcv4 wrote: »

Thanks alot, If i go BR how long before i can apply for credit again

you can apply straight away,the rule is whilst still undischarged,if it's for more than £500 then you have to tell the creditor you are BR but nothing stopping you applying,getting it is another matter

silvercar

smcv4 wrote: »

Hi my Wife has moved in to her house about 6 years ago , mortgaged is in her name. I am employed and think about bankrupt i own apartment with my friend we bought for 165 and its now 50grand My main concern is whether my income and assets will be taken into account i have so money in my account and me and wife save up 3 thousand pounds , none else just wonder as we are marriage will affect my wife house etc really appreciate advice.....many thanks in advance

Steve

Do you have other debts?

Would it be worth voluntary repossessing the flat and agreeing a repayment plan to cover the shortfall?