Could I go Bankrupt?

chipnix82

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TheGardener

Its impossible to say without knowing how much debt you have and how much income you have but before you pay out good money to an IP (who is going to make a profit from you - which is fine, they are entitled to do that...) but it would be wise to speak to one of the FREE debt charities first - StepChange (great website) or National Debt Line.

chipnix82

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debt_doctor

Hi,


If I were advising you as my client I would have to inform you that you may have gained a beneficial interest in your partners property, which could put the property at risk.
However, in every case when the bankrupt is NOT the homeowner, I have never once seen action taken against the non bankrupts partners property. Some of the non bankrupts houses were owned outright.
I cannot guarantee you that action will not be taken, but can only offer my personal experience over the last 8 years.
I would be very interested to hear if someone has experienced differently.


DD

kegz1975

I am considering bankruptcy, I am not married and the house was brought by my partner and we have separate bank accounts and everything to do with the house is in his name including bills etc and goes out of his account. I won't have anything financially linked to him cause of my credit rating etc. I am in an IVA at present as a prev relationship and an ex who doesn't work left me with over 20'000 of debt since 2007 and still the debt hasn't budged much since debt management plan in 2009 and IVA since 2011... I've been told that although my partner would not be affected by my going bankrupt and they can't touch our home or anything... ... I'm not sure that if we were married that would shift the state of play so I would seriously look into it.... ensure your family and home are safe x

alastairq

I'm not sure that if we were married that would shift the state of play so I would seriously look into it.... ensure your family and home are safe x

Being married doesn't necessarily mean one becomes linked financially.

That only occurs if a couple [willingly??] enter into joint finances.

chipnix82

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