Very complicated and maybe illegal but... can I...

TheWaltons_3

I am not sure whether you can take on someones business debts... so even if I did this... all it would do would pay off one business loan, putting me into debt... and the majority of debt would STILL be left with him... thus putting us into a worse situation.


I think a persons debts lie solely with them, in cases like this.


Hopefully someone will come along and tell me I am wrong!

AlanD_3

Doing it with the sole intent of going BR is dodgy ground. If, however, you are the one who runs it and your OH works then it does make sense... however why would one partner buy a business from another? If I was the OR I'd question a husband buying a business from a wife (or visversa)...

savagevixen

Our bankruptcy is very straightforward and we have had some things questioned, eg. some spending 11 months pre-bankruptcy (this was fully explainable fortunately) and the fact that our loan had originally been in my name, changed to joint, 2 years later was upped and in my sole name, then 2 years later upped again and in my husband's sole name. This was all queried, it was explainable by each time us taking the bank's advice and going with the lowest rate loan offered.
It leads me to believe that you should be very careful, we had no intention of going Bankrupt, did not even know what it was (if I had I'd have kept it in my name not allowed it to go in OH's name) so I was clearly able to put the truth across. What you are suggesting would ring alarm bells.

Conor_3

If you've got debts of £40k and a mortgage of £130k on a house that could be valued as £170k, I don't know about anyone else but the answer seems obvious - release the equity in the house and pay the debt off by remortgaging. DO NOT GO THE SECURED LOAN ROUTE. It's basically no different to what the OR would do by selling but you get to keep the home, don't have to declare and lower the monthly outgoings by spreading them over a longer term. You can always save up the difference and pay lump sums off the mortgage every year.

If you do that though, you need to make sure you don't go racking up loans and credit card debt again.

And as the business is obviously not doing that well, may I suggest getting a job?

Penelope_Penguin

TheWaltons wrote: »

My partner has a business. I work for him. The business is in his name.

I thought, I could get a 10k loan, buy the business off him... the 10k would pay HIS credit card debt... helping us to live and being a big weight off his mind.... BUT...

.. could I buy the debt from his business, meaning the loans from the companies, as I would be the new owner? There are two loans it. One is something on HP but that is jointly owned

And, if I were to make MYSELF bankrupt... say.. in 6 months time... our home would be safe because it is in his SOLE name...

Bear with me... I'm desperate... !

Any advice?

Can you afford to service a £10k loan? If so why are you considering bankruptcy in 6 months time? If not, it's definitely fraudulent to obtain credit for which you have no means of repaying.

Additionally, have you made no payments into the house? If you have, or have lived there, the OR/trustees may grant you a *beneficial interest* which may be included in your future bankruptcy.

HTH, Penny. x