I feel devastated!!

tallyhoh

My OH presently owes approx 100,000 and has no way of paying it off. If he goes bankrupt he loses his job (for sure). He's been bankrupt before and 6 years later his discharge was refused (I checked London Gazette because he can't remember).
If he was not discharged am I right in thinking it lapses after so long?? and if that is the case can he be made bankrupt again if he has not been discharged? (the 1st one was applied for by his creditors).

Reading through the posts I feel devastated that I may lose the house I sweat blood for and was half paid for by the money my Dad left me when he died. The house is in my sole name and my OH would not contribute anything for it. How can I protect myself and my son?

NekoZombie

Hi Tally

welcome to the board and sorry to hear about your difficult situation. Firstly, are you certain that he hasn't been discharged? It's important to be absolutely sure about this, as undischarged bankrupts are not meant to have access to credit about £500 without informing the creditor of their BR status.

You can contact either CCCS on 0800 138 111, (their helpline is open from 8am to 8pm Monday to Friday) or PayPlan on 0800 917 7823. Both offer free impartial advice.

In the meantime, someone will be along soon who knows a bit more about this stuff.

Richard_S

Hi tallyhoh

(that sounds a cheerful name )

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only. CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

For more specific advice and support, in an environment that is managed by people with first hand experience of bankruptcy, and moderated to ensure that no deliberately inflammatory or abusive posts are made then please visit:

http://bankruptcysupportersclub.co.uk/default.aspx

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

As far as the house is concerned your husbands Beneficial Interest only extends to 50% (maximum and possibly less) of the increase in the value of the house over and above any mortgages and secured loans on the house. If your father gave you money personally and not as a couple for the house then the O.R does not have a claim on that.

It's a complicated area of bankruptcy but I don't think you're in imminent danger of losing your house. If you post a few more details about the value of the house, any mortgage(s), and whether the debt is all in your husband's name then we may be able to offer a few more suggestions.

Best regards

Richard

tallyhoh

Hi and thank you for your advice so far and I will follow some up.

All the debt is in my partners name. My son and I never saw a penny of the money he borrowed on credit cards and loans. It all went on his hobbies and buying drinks for his friends. He did not even contribute towards the household expenses.

The house was bought by me on a mortgage for £55,000 12 years ago. My dad died 2 years ago and left me his house, which I sold and paid my own mortgage off, so there is nothing owing at all.

I feel that it may well be impossible to explain to the OR that he did not contribute anything, I would find it difficult to believe myself how stupid I have been.

Richard_S

tallyhoh wrote: »

Hi and thank you for your advice so far and I will follow some up.

All the debt is in my partners name. My son and I never saw a penny of the money he borrowed on credit cards and loans. It all went on his hobbies and buying drinks for his friends. He did not even contribute towards the household expenses.

The house was bought by me on a mortgage for £55,000 12 years ago. My dad died 2 years ago and left me his house, which I sold and paid my own mortgage off, so there is nothing owing at all.

I feel that it may well be impossible to explain to the OR that he did not contribute anything, I would find it difficult to believe myself how stupid I have been.

Hi tallyhoh,

If you consult a solicitor specialising in insolvency you may well be pleasantly surprised at how low your partner's B.I is. By the sound of it, any amount would be too much, but if you can demonstrate how little your O.H has contributed to the house and it's upkeep then you'd seem to have a convincing case for arguing his B.I down.

The problem with this sort of thing is that you need somebody experienced and capable to fight your corner and it's never something that's going to be settled in a matter of weeks. If you can prepare yourself mentally for the fight and start looking for a good solicitor then you'll be doing just about all you can. It's obviously your O.H who needs to see one of the Debt Charities because they may well not have the expertise to advise and represent you.

The O.R will listen if you present him/her with substantiated facts and explanationsl; they can't just go off "half cocked" and seize an asset that they have no legal right to.

Please let us know how you get on and if ever you just fancy a "cyber winge or rant" then there are some very supportive people on this site. I think if I was you I'd be doing a google search for www.hitman.com :eek: :eek:.

Richard

tallyhoh

Thank you Richard, I really need to arm myself with knowledge before the judgement day, which can't be far away now.

As a thought- if my partner left me (with help) would I still be in the same position?

gettingitsorted

Hi Tallyhoh

just another thought ,you need to check that you and your other half are not financially linked ,you can do this by requesting your credit reports from Experian and Equifax both available on line .

Richard_S

tallyhoh wrote: »

Thank you Richard, I really need to arm myself with knowledge before the judgement day, which can't be far away now.

As a thought- if my partner left me (with help) would I still be in the same position?

Hi tallyhoh,

If you were seperated or divorced then his B.I, whatever that turns out to be, will still rest with the O.R and his estate. The same would be the case if he met an untimely demise, although his life insurance may cushion the blow; I was only joking about the hitman.:eek: :eek:

Richard

Conor_3

tallyhoh wrote: »

If he was not discharged am I right in thinking it lapses after so long??

You can be kept BR for 15 years if the OR sees fit.