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Bankruptcy and house

Minecrafter
Minecrafter Posts: 10 Forumite
in Bankruptcy & living with it
Wifes dad has passed away and she has inherited enough money to buy a home. Currently live in her dads home until the sale goes through so we need to buy somewhere to live.
I currently have a large debt that is in a DMP with SC. Wife also has a large debt in DMP with SC.

SC have recommended I consider BR but not my wife.

My question is this:
If my wife buys a house with her inheritance and puts it only in her name is it safe if I go BR?
Its my debt and I dont want her dads inheritance paying for my mistakes, but also we need a home.

Comments

  • Mouse007
    Mouse007 Posts: 1,062 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Minecrafter wrote: »
    My question is this:
    If my wife buys a house with her inheritance and puts it only in her name is it safe if I go BR?

    Yes, totally safe, assuming she settles her own debts.

    BBC WatchDog “if you are struggling with an unfair parking charge do get in touch”


    Please email your PCN story to watchdog@bbc.co.uk they want to hear about it.
    Please then tell us here that you have done so.

  • Minecrafter
    Minecrafter Posts: 10 Forumite
    what if she just stays in her own DMP with SC
  • TheGardener
    TheGardener Posts: 3,303 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    There is too much at risk here to rely on a forum for an answer - get free professional advice from Stepchange or Debtline - in fact get advice from more than one professional source. You cant afford a slip up with this.
  • Mouse007
    Mouse007 Posts: 1,062 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Minecrafter wrote: »
    what if she just stays in her own DMP with SC

    That question worries me, she is now in a position to pay off her debts. Why would you not consider that as the first priority? Get rid of that problem and then take stock.

    Ask: why did she get into this situation in the first place? has anything changed? if not will it happen again? and how long will it be before she is back in the same situation? what can she/you change.

    I'm confident about my original reply, the house will be safe from YOUR debts, but your follow up throws doubt at lessons learnt.

    BBC WatchDog “if you are struggling with an unfair parking charge do get in touch”


    Please email your PCN story to watchdog@bbc.co.uk they want to hear about it.
    Please then tell us here that you have done so.

  • Minecrafter
    Minecrafter Posts: 10 Forumite
    We both have debts and are in a joint DMP with SC.
    SC has recommended I go for BR and wife continues with hers.
    As the house we are in has to be sold then we need to buy somewhere to live. we have a child.
    A roof over our heads is a priority.
    We have been paying into the DMP for 3 years and never missed a payment.

    So would the house be safe if I went BR and wife just continued with her DMP?
  • luvchocolate
    luvchocolate Posts: 3,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    Please get some advice from one of the debt free charities.
    It sounds like you need profesional help.
  • silvercar
    silvercar Posts: 50,681 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    If you go bankrupt and she doesn't, all the joint debts become hers alone, to repay in full.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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