Can my credit card debts be shifted on to wife?

SomebodyToldMe

Hi all,

I have a loan in a joint name of myself & wife, and 4 credit cards all in my name.
I'll be applying for bankruptcy soon.
Does anyone know if my credit card debts can be shifted to my wife?

Thanks

mum2one

SomebodyToldMe wrote: »

Hi all,

I have a loan in a joint name of myself & wife, and 4 credit cards all in my name.
I'll be applying for bankruptcy soon.
Does anyone know if my credit card debts can be shifted to my wife?

Thanks

if the cards are in your name only then they can't be passed to your wife, even if she was a 2nd card holder, your responsible for the sum of money spent on it. x

wharty

If you are applying for Bankruptcy, then why would you transfer the debt to your wife? Surely you would include the credit card debt in your bankruptcy rather than having your wife pay for them?

If you file for bankruptcy then your wife will still be liable for the loan PLUS your credit cards.

Makes more sense to include as much of your debt in your bankruptcy as possible.

If you wanted to transfer the debt then you could always do a balance transfer to your wife's credit card, however after the bankruptcy this could be construed as favouring a creditor.

Like i said, include as much debt in your own bankruptcy and get rid of it. That way your wife wont have to pay it.

dojoman

I don`t think he wants to transfer them to his wife, but is concerned that she may become liable for them when he goes BR.

alastairq

it is a major reason why credit companies,mortgagors, etc lurve joint accounts.

Then, if one party defaults, they can still chase the other party for the full amount.

undaunted

If you mean can they chase your wife for them becuase you've gone bankrupt no - they are solely your cards / debts.

She will however be chased for the joint loan

Have you taken advice on your position & options (eg bankruptcy, debt relief order etc)? If not try http://www.stepchange.org/ (also have a section on here) for free advice

SomebodyToldMe

Thanks all for your replies

Just to clarify, yes I want the debt to be in my name- the idea being I go bankrupt but wife is free of the baggage that comes with bankruptcy.

Seeing CAB soon

Cheers

alastairq

SomebodyToldMe wrote: »

Thanks all for your replies

Just to clarify, yes I want the debt to be in my name- the idea being I go bankrupt but wife is free of the baggage that comes with bankruptcy.

Seeing CAB soon

Cheers

The decision about whose name a debt is assigned to, is taken right at the outset, when the debt is taken on.

If you wished to keep your wife free of debt, then, right at the outset, all credit should have been in your name only.

WHo is liable for a debt isn't something that can be adjusted subsequently.....[unless another name agrees to take full liability for that debt.]

When a Bankruptcy is petitioned, all unsecured debts assigned to the bankrupt are included in the bankruptcy [whether declared, known about, or not].

That includes the bankrupt's share of responsibility for any joint debts.

Creditors can only try to pursue a debt from the individual, if that individual is the only name on that debt. They cannot pursue relatives or spouses, if the debt isn't theirs.


Credit taken out jointly at teh outset, is a different matter.

SomebodyToldMe

Thanks to all for replies....it's what I thought, your debt is your debt, but I did read somewhere that if the greedy pigs can prove a wife/partner significantly contributed to your debt, then they can be implicated as well.