Husband going bankrupt, how does this affect me?

Daffodil80

Sorry, a few posts from me today as have lots of questions before our meeting on Monday...

Been married just under two years, have nothing in our joint names apart from a bank account which we will get rid of before BR. We rent. How will they calculate my husband's living expenses? Do they just look our joint costs and divide by 2?

Wondering how much they look into my earnings and financial affairs when sorting my husband's BR.

egrescrimp

Depends on your salaries, whoever earns the most would generally pay the larger percentage of the household bills (not always the case though). They don't need to know your exact income though or anything you pay for in your name So once you've paid your monthly commitments, just work out whats left to contribute to the running of the household.

NewStart09

He may be going bankrupt but it still affects you too...
Insurance policies ask the question if anyone residing in the house has ever been bankrupt ?...there is a long standing thread on here about someone else being penalized for living with a bankrupt.

It may go off his credit rating in 6 years but he is still tarred for life in this country...which is appalling when murders get a clean slate after 10 years and records are sealed.


I wish you well but do not be naive about this situation. It will affect you as long as you are with him in other ways.

Be grateful you are not going bankrupt, as I got dragged into bankruptcy from my ex..who I foolishly let handle the family finances, it was only when the dust settled did I find out about bank accounts and credit cards in joint names literally a day before the bankruptcy hearing as I had to list them also on my application. I now would never hold a joint account with anyone.

I am 8 months from it being dropped off my credit rating but it will also haunt me living in the UK due to that question....have you ever been a bankrupt....or has anyone living in the residence been bankrupt..you will be amazed at how much that increases the premiums.

Good Luck..

luvchocolate

I had no problem getting contents or car insurance, I paid for the year and answered the dreaded has anyone in your household ever been B.R question honestly...no increase in premium at all.