Do I go Bankrupt

debbie0013

Me and my husband separated back in 2006 and we each went our separate ways. We lived separate for 6 years then we got back together due to us both having separate houses and separate income and finances, when we got back together we have now got both of our debts that we had all merged under one roof. The only thing is that since we got back together we have one income which is my husbands, and everything from the house to bank accounts to all the bills are in his name including the car. The only thing that I have in my name is my debts, all of the calls letters and court letters are getting me down. soon as we start to get on our feet something else comes along and knocks us back down again. I am still currently continuing to pay my debts every month no matter what. I really don't care about the status I get of me declaring myself bankrupt. I was wondering if it would effect my husband and his house? I did go to the solicitors before I moved in the house and signed a document to say that I have no legal claim to the house. And would it effect his car? I would be grateful for the advice, and soon as then I can get this sorted

IF

Hi debbie0013 and welcome to the Bankruptcy (BR) Board. I know others will reply but in the meantime your first step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if you're not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind.
Your BR could be refused if you have not sought advice.
Advice on here does not count, this has to be from one of the Debt Charities, an IP, an Accountant or a Solicitor. The Judge just wants to be sure that you can never come back and try and overturn the order on the basis that you were not aware of all the consequences.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• StepChange (formerly CCCS) - Website: StepChange Telephone: 0800 138 1111

Others:

• Debt Advice Foundation
  
• Christians Against Poverty
• Business Debtline
  
• PayPlan
• TaxAid - Help with tax debts.
• Debt Support Trust
  

Please don’t do anything rash take your time and weigh up your options and read everything you can.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

Beware of advice via PM.

BR friendly home insurance thread.

BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

BR Abbreviations

Beth's Guide Reasons for your BR

Charities who help with BR Fees

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
IF

mattannar

What happened to your house?

longtermplanner

hi Debbie,

Needing a fresh start is a good reason to go bankrupt, but there may be other alternatives that are better for you. I hope you don't mind if I ask a lot of questions?

- roughly how much do you owe in total?
- why aren't you working now? is this likely to change?
- did you own a house when you were separated or were you renting?
- how are you paying your debts now if you aren't working?
- does your husband also have debts?

To answer your questions, if you have no income and didnt contribute any capital to the deposit used to buy your husband's house, then the OR is very unlikely to think that you have any "beneficial equity" in it so it should be safe. Ditto his car, if you didnt put up any of the money to purchase it, then it is his asset and the OR will have no claim over it.

BUT although that sounds like good news, it still doesn't mean that bankruptcy is your best choice. Follow up some of those links in ifwisheswerehorse's post.

margieford

I want to bookmark and follow your thread, I know that I gain more nuggets here.