Can my husband go bankrupt on his own and how will it effect me?

funkymonkey-87

Hi all, we are currently in a dmp and have been for 3 years we have paid back 10,200 but still owe 30k. We have no joint debts, no assets and my husband is the sole breadwinner as we have 2 toddlers. I have worked out that he owes 24k and I owe 6k. Could he go bankrupt on his own? And how would it work in regards to my debts and staying on the dmp?

Any advice would be great

Thank you x

sniggings

Yes he can do that, it won't affect you as you say you do not share any debts, if you did then those debts would pass to you to pay and a link would show on your credit file that you share credit with someone who went BR so it would lower your credit worthiness.

You would have to come to a new agreement on your debts with your creditors, so maybe a new DMP, but I'm guessing your present DMP contains some debts that would go into your partners BR if so it would be stopped and as said you would have to arrange an agreement for your debts.

Not sure if, as you have no income, a DMP would be possible though, as all your partner's excess income, if any, would be going on an IPA.

funkymonkey-87

Thank you! I just feel like the dmp is never going to end. We could offer settlements but you have to obviously have a lump sum of cash first. I don't think I can be in debt for the next 16 years. Thank you again x