some advice if possable really.

Robbie_h_2

my situation has got gradually worse over the last year and thought about BR then changing my mind again so i have an appointment with the CAB to work out
a budget and expenditure form, all of my credit cards have defualted and been passed on to collection agents my debt amounts to around twenty four thousand pounds,im self employed and have seasonall contract work which is due to finish in june then start again in september i moved in with my now wife about two years ago the house is in her sole name and always has been how would i stand with the house if i decided to go BR we also have a joint bank account which is well into the overdraft, should i take my name of the joint account and open another or should i continue with the one we have i have a car which is worth around 3500 but is a must for my job as im a freelance photographer and have to travel, we have four children between us my wife is on meternity .we get the usual benifits for a low income family can anyone help please

Richard_S

Robbie_h wrote: »

my situation has got gradually worse over the last year and thought about BR then changing my mind again so i have an appointment with the CAB to work out
a budget and expenditure form, all of my credit cards have defualted and been passed on to collection agents my debt amounts to around twenty four thousand pounds,im self employed and have seasonall contract work which is due to finish in june then start again in september i moved in with my now wife about two years ago the house is in her sole name and always has been how would i stand with the house if i decided to go BR we also have a joint bank account which is well into the overdraft, should i take my name of the joint account and open another or should i continue with the one we have i have a car which is worth around 3500 but is a must for my job as im a freelance photographer and have to travel, we have four children between us my wife is on meternity .we get the usual benifits for a low income family can anyone help please

Hi Robbie,

I've only got time for a quick post and I've just replied to a Thread called "About to go Bankrupt -beneficial interest question!" that is a very similar situation to yours.

I don't think you'll be able to take either of your names off the joint account if it's overdrawn and it really doesn't matter that much at the moment. It would be more beneficial if you could remove your wife's name because if it's joint she'll still be liable for the debt even though you've declared bankruptcy.

The car could be at risk but if you can demonstrate that you need a reliable vehicle for your work then you should be ok.

Richard

Robbie_h_2

thanks for your reply Richard, but what about the house would that be a problem...many thanks

norserose

sounds like you're in the same boat as me, I've posted something similar. Our house is in my fella's name and no one can guarantee anything. We also have a joint account which is overdrawn - I was going to close it but on the form you fill in when you go bankrupt they ask for details of any bank accounts you've had in the past 5 years so I haven't bothered closing it. I've had some useful advice, have a look at my thread. HTH a bit.

Robbie_h_2

must be norserose it's very hard to come to a conclusion it seems that we may be taking a gamble im not sure which way to turn if i can pay the creditors with a monthly payment plan or just go for it and bankrupt myself, im not bothered about the car but my wife has had the house for about eight years i feel the way my luck has gone we could loose that. or we may not, just don't know. keep me informed with what think and let me know how you get on ...all the best Robbie