Bankruptcy or not?

impulsive1

Hi Guys,

I have calculated that I have approx £80-£90k worth of debt to clear from a previous relationship with my ex husband.The majority of this is joint debt, however my ex declared himself bankrupt 2 years ago and this has been transferred to me only.

I have recently met a new partner who knows that there was an issue with money in the relationship and that the bulk of this was built up by my ex, however he does not know the extent of what is outstanding.
Things are going really well and I think in the next 12 months we will be looking at moving in together and potentially looking to get married. I have approx £500 excess cash from my wages every month although I do not factor in certain things so from a bankruptcy point of view there will be less money to take on a payment scheme.
my question is how this would affect my new partner should we move in together? This isn't his debt and he shouldn't be made to pay for it. I am seriously considering just asking for reduced settlements on things and paying them off that way to avoid him and his finances being touched.
Wanted to try and check my position before speaking to him next weekend.

Thank you in advance

Impulsive1

arcon5

It would affect him if you held a joint account as you would be classed as a financial associate.

If would affect him if you both decided to buy a house together.

If you are renting then the LL will perform checks on both of you and the LL would make a decision based on you both jointly. If your credit is bad he may decide to decline you; if his is excellent if may have let him; if both signing a joint and several short term tenancy he may decide the risk is minimal.

However, YOUR creditors cannot demand payment from HIM. So he would not be responsible for your debts and assuming you didn't have a joint mortgage with equity in the house then you going bankrupt will probably have no affect on his affairs.

You two are separate entities, in the same way as you and I. And they have as many rights to ask me to pay your debts as they do him ie zero, as the debts are not in his name.