Appreciate Any Advice

JUSTIN_DEBT_2

We Are A Married Couple Who Are Both In Debt, Would It Be Possible For One Of Us To Declare Ourselves Bankcrupt Or Would It Have To Be Both? Are Names Displayed In Local Paper? How Much Do You Have To Pay Upfront To Go Bankcrupt?

Richard_S

JUSTIN_DEBT wrote: »

We Are A Married Couple Who Are Both In Debt, Would It Be Possible For One Of Us To Declare Ourselves Bankcrupt Or Would It Have To Be Both? Are Names Displayed In Local Paper? How Much Do You Have To Pay Upfront To Go Bankcrupt?

Hi Justin,

It's possible for either one or both of you to declare bankruptcy. It depends whose name(s) the debts are in as to what would be best for you to do; post a few more details on the debt and you'll get some more meaningful responses.

Names are displayed in the local paper but I think you'll find that most Members on here have been untroubled by the prospect and the event;there comes a point where your sanity is worth more than the prospect of some minor embarrassment.

Costs are £335 +£150 Court Fees; Court Fees will be waived if you're on benefits or a low income.

Regards

Richard

fermi

If any debts/accounts are in joint names, and only one of you goes BR, then the full value of the debt becomes the responsibility of the other signatory.

See: http://www.debtquestions.co.uk/legal_jointseveral.php

Good official starting info on the BR process and what happens is at:

http://www.insolvency.gov.uk/guidanceleaflets/dealingwithdebt/howtopetition.htm

and

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

EDIT: Your fees are too high Richard. It is £335 + £150

Richard_S

Thanks fermi,

Adjusted accordingly.

Rich