May have to go bankrupt

unhappygent

Hello

I may have to go bankrupt.

I was made redundant 9 months ago and cannot get a new job, despite trying very hard.

My partner works full time and can just about support us, how ever i can not meet my credit commitments from a previous life and on reflection now feel that I may never be able to again.

I have a few questions if i may.

The house is in only my name, what will happen when I go bankrupt, there is aprrox 10K of equity.

We have a car, originally brought from the proceeds of a joint loan which has defaulted to my partner since I have become unemployed. I use the car primarily as my partner is learning to drive, the car is in my name. What will happen to it? Obviously it was brought by the proceeds of a loan that my partner is currently paying.

I think that's it for now.

Many thanks for any replies.

PippaGirl_2

unhappygent wrote: »

The house is in only my name, what will happen when I go bankrupt, there is aprrox 10K of equity.

We have a car, originally brought from the proceeds of a joint loan which has defaulted to my partner since I have become unemployed. I use the car primarily as my partner is learning to drive, the car is in my name. What will happen to it? Obviously it was brought by the proceeds of a loan that my partner is currently paying.

House, how much is mortgage and secured loans? How much is valuation? Who put the equity into the house and who has been contrituting to the mortgage, to this end the length of your relationship to your partner is important. It's impossible to say without answers to those questions what might happen but say your relationship is very new and the house was yours previously and you put the equity in and your partner hasn't contributed, then the OR may place a claim on any equity which could be bought out by a.n.other (can't be you). However if your partner has been paying towards the property for many years then they may have a claim on the equity share and so the amount needing to be bought out might be less.

The OR would assess whether you need a car. If they do not assess you as needing a car they would claim the car whatever it's value. But if they assess you do need it they would allow you to keep a car up to a certain value, approx £1000. A car valued at much over that would be claimed, sold and £1000 given to you to purchase a new car. Alternatively someone can buy out the beneficial interest over and above the £1000 to allow you to keep it if they have assessed you as needing a car.

I had to fight tooth and nail to keep my car as I am not currently working, only managed it due to extensive medical evidence of need.

unhappygent

Thanks for the answers.

Property is mine, my partner moved in a year ago. I have maintained payments on mortgage from my redundancy.

My point with the car is although i am the registered owner i have not contributed towards it, my partner has paid/is paying for it by way of a loan. I was worried if i transfer it to her it would appear that i am being dishonest to the OR even though it is her car, dose that make sense?

PippaGirl_2

Registered keeper isn't necessarily owner. Who paid the deposit? Who has made all the payments, have you made any? How long have you had it and has she been learning from the very beginning of having it. I guess if you have proof she has made all of the payments then you have a good case that she owns it though it will be asked why she isn't the registered keeper though. Who is the main driver on the insurance? All that puts together the case.

tigerfeet2006

Hi UnHappyGent and welcome to the Bankruptcy (BR) Board. To back up Pippa's excellent advice the 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.
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unhappygent

The car was purchased with cash, about 6 weeks after we got a loan for it.

It was a private sale.

Log book was initially in her name,l then we transferred it to mine as we worked out we needed to for insurance.

She would have paid about 90 percent of the payments to date.

How ever from memory we only used 80 percent of the loan to pay for it.

Sorry for being so vague

unhappygent

I have just had a thought.

What if I transfer the car into my partners name then wait?

How far dose the OR go back regarding DVLA records?

I am not trying to hide assets just simple insure that my partner dose not have to buy her car back.

I have not told her yet about the possibility of going bankrupt and i am sure it will put enough strain on our relationship but if I complicate it by putting her car into the mix, well...

PippaGirl_2

Registered keeper does not necessarily mean registered owner, I wouldn't advise doing anything such as you suggest, it is better to be totally upfront and honest with the OR and explain why you think your partner is the owner.

unhappygent

Ok thanks for the info,

This bring me to another question.

Since redundancy I have paid all the bills, I did this to keep my partner happy that I have everything under control.

This means she has saved allot of her wage.

I know approx what she earns and we can survive on it, I think she will come round once i tell her and support us.

My question is what will the OR think of that, would the OR think my partner owes me money because I have supported her by paying all of the house hold bills for the last 9 months?

I use to earn twice what she did so when she moved in I never asked for any money from her.

Thanks for your advise so far.