partner boasting about going bankrupt

debtinfo

ok property repossesed and sold leaving various shortfalls. Presume you are joint on these loans.

In that case you are BOTH jointly liable for the WHOLE debt, what is known as jointly and severely liable, the main debts that are not usually under those terms are credit cards which are usualy the liablity of just one person.

Given that then the companies can chase either or both of you, and they will usually chase whoever they think it will be easier to get the moey out of, (unfortunately that is probably you in this case). So both of you have the choice of paying, ignoring or usuing some legal means of dealing with the debt such as a bankruptcy order or an IVA, if only one of you do this then they will chase the other

thebull

does my ex,s knowledge of "bad debt " have any baring on her declaring herself bankrupt and her openly bragging about it ?

silvercar

The knowledge of the people on here can match your ex.

The fact she is bragging on Facebook about going bankrupt is a reflection of her, people will easily see that. IMHO people generally have a lot of sympathy for those who find themselves in financial difficulty, that sympathy quickly evaporates when people start boasting about it.

Maizy

Not sure about the bragging bit or how that would affect her job, that is a risk she has taken by openly posting on FB and her T & C of employment may mean her job could be affected and she probably is aware of the situation.

With regards to having knowledge of bad debt, most of us on here arm ourselves with as much information as we possibly can so we are all pretty much in the know prior to BR or should be anyhow. As has been pointed out, this is just one of those things that can occur when two people are jointly responsible for a house. If she cannot manage the mortgage alone or her debt, she does have the right to declare herself bankrupt if advice has been taken and believe me, it is not an easy option to take but sometimes necessary.

The debt may well then fall on yourself which seems unfair I know but again, this is the situation and its something you would then need to look at when the time arises. It may well have been the other way around had you been in the house so regardles of her comments on FB, its important to look at the bigger picture and prepare yourself for any outcome.

Good luck.

thebull

many thanks to you all for your speedy and very helpful advice on my situation .
just so I get this straight if my ex does go for bankruptcy and the home is repossessed and she stops working I become libel to pay all the outstanding debts but these debts now become unsecured debts ?

Maizy

It doesn't matter whether she works or not, it doesn't affect how the remaining debts fall if they are joint. If you work on the basis that once she goes bankrupt, she is no longer responsible as such for the unsecured debts and that applies whether or not she is in employment.

Depending on whether or not she has surplus income of +£20 after all reasonable living expenses, then she may have to pay into an income payment order for 36 months but that would be agreed between her and her official receiver. As far as I'm aware, it doesn't alter the fact that the remaining debt would still fall to you. If she didn't work and lives solely on benefits she's unlikely to pay a penny towards the debts.

Our house has been repossessed and once it is sold, the debt becomes unsecured and falls straight into the BR pot. Because the joint party (you) is not going BR (I presume) then you become responsible for the debt once it is sold on as she no longer has a link to them if taking the BR route, it really is as simple as that.

Again I must stress that if she does that then its not an easy route out and nobody should take bankruptcy lightly, it is a last resort. So basically the answer to your question I believe is yes.

thebull

how about if I applied for bankruptcy can I do that if I am employed ?

minicooper1961

Oh flippin heck, this sounds a familiar tale, the same scenario and what you are concerned about has happened to me {with just a few added complications along the way} Please feel free to PM me if you want and I will try and help, although three years down the line I am no nearer resolution. Mini xxx

Maizy

You can apply for bankruptcy if you are insolvent, being employed or not makes no difference. You need to take advice first and foremost by contacting one of the debt charities, check out the sticky threads on here where you will get all the info/numbers you need. The charities will recommend a way forward but if the house debt is your only debt, not sure where you would stand at this stage as the mortgage is still being paid, maybe someone with more knowledge can guide you better but I suspect you would be advised to take advice first. The forum folk can only really offer you support and make suggestions after you have posted as much info as possible. Until your ex goes bankrupt you are both responsible for the debts/mortgage. If the house sells, is there a chance you could both meet any shortfall without going BR, as it really ought to be a last resort. Best of luck.

rartherinv

Not sure if you are aware but you can pick who you want to see each post in the privacy setting on facebook, so could be that she has been trolling on there and selected only you to see it as some form of revenge or whatever.

The first thing I would do is delete her from facebook and communicate in a way which can be used as evidence in a court and where your ex is not free to wind you up at will.

think you should seek professional legal advice for your situation as although you can find some great wisdom on here the matter is too important for you to go by phorum advice.