bankrupt???????????

vanmanmate

what exactly happens to,
1 loans in my name
2 creditcards in my name
3 loans, creditcards in joint names (wife and i )
4 the house and mortgage in joint names
5 overdrafts

fermi

vanmanmate wrote: »

what exactly happens to,
1 loans in my name
2 creditcards in my name
3 loans, creditcards in joint names (wife and i )
4 the house and mortgage in joint names
5 overdrafts

:eek: How long have you got?

I would read these factsheets on the Insolvency Service's website.

Guide to Bankruptcy:
http://www.insolvency.gov.uk/guidanceleaflets/guidetobankruptcy/guidetobankruptcy.htm

How to petition for your own bankruptcy
http://www.insolvency.gov.uk/guidanceleaflets/dealingwithdebt/howtopetition.htm

and many other factsheets are available from:

http://www.insolvency.gov.uk/guidanceleaflets/Guides.htm

If you have any questions after this then please come back and ask.

AlanD_3

vanmanmate wrote: »

what exactly happens to,
1 loans in my name
2 creditcards in my name
3 loans, creditcards in joint names (wife and i )
4 the house and mortgage in joint names
5 overdrafts

Methinks I'm correct in saying

1) Cease to exist, written off
2) Accounts closed and debt dissapears
3) Your interest in these (legally) cease and become the sole responsability of your wife
4) As 3 although slightly more complex, houses are sticky issues and OR may ask for a sale to realise any equity in your share of the house. Not something I know about so sorry to worry you if that is not the case.
5) Are, effectively, a loan too so accounts closed and debt written off.

Well not written off but they become the responsibility of the OR and your creditors will have to scramble to get a proportion of any surplus Income the OR declares.

Anyone wish to correct me on that?

Mike_St_Helens

Have a good look around the sites etc before you make any decisions. Hows about stating another thread telling us about yourself.. we can hen point you in the rigt ditection.

Here are some good links for other sites
http://bankruptcysupportersclub.co.uk/links.aspx