Any advice on a few questions!!!

Minkym00

TheGardener wrote: »

No - not 'required' if she doesn't want to - if the income is not the OP's - its his wife's so there is no requirement for her to disclose any of her income if she doesn't want to.

To be fair I didn’t say she would have to declare her income, I said the OP will have to declare the household income. What he declares from her side is up to him.

Minkym00

LeicesterT wrote: »

Thanks for the replies by the way

I understand BRO but what’s an ‘undertaking’?

It’s where you agree to have your bankruptcy extended with the OR rather than go to court. They will then likely shorten the term in exchange for your co-operation.

debt_doctor

Minkym00 wrote: »

It’s where you agree to have your bankruptcy extended with the OR rather than go to court. They will then likely shorten the term in exchange for your co-operation.

The bankruptcy would end as normal after one year - but the bankruptcy restrictions (being a Director, Trustee, or borrowing more than £500 without disclosure) would continue from 2 - 15 years.

DD

LeicesterT

The household income on the application is spilt up to four categories:

salaries
wages
benefits
pensions

Her rental income doesn’t fall into any of these, which again kind of confirms to me that it’s is irrelevant in my bankruptcy!

Minkym00

debt_doctor wrote: »

The bankruptcy would end as normal after one year - but the bankruptcy restrictions (being a Director, Trustee, or borrowing more than £500 without disclosure) would continue from 2 - 15 years.

DD

Apologies I missed out the word restrictions I.e. your bankruptcy restrictions would be extended....

Annie35

It's not the income that's at question, It's if there's any beneficial interest in the property, what with you living (& contributing?) for x years. This would be classed as an asset, like shares for instance. I would seek some pro advice (cab,sol,step change etc) into this detailing your contribution % & how long for + capital gain on prop over that period.

Tbh I wouldn't have thought it either, but it's definitely a 'thing' & it's best to double/triple check.


(Sorry it won't let me quote this is in reply to OP above)

ToxtethO'Grady

From what you've said the beneficial interest would be too hard to prove for them to go after it if your wife has managed all the finances, If you had a tenancy agreement when you lived in the house with your wife then that's even better.


The OR cannot force your wife to give information about her income and expenditure and if she doesn't want to they'll split expenditure 50/50 so you could end up with no IPA or a lower one. Better to do this as your share of the bills and living expenses.



All rental income has to be declared to HMRC now even if it's a BTL mortgage,https://www.gov.uk/renting-out-a-property/paying-tax - they would want to know your wifes surplus or loss from renting out the property. Business Debtline are the best people to help with that if she is not filing self-assessments.


https://letproperty.campaign.gov.uk/