It has come to filing, last resort

GDB2222

katyp wrote: »

I am not 100% sure, but I think the house would not be touched if you are not on the deeds as it is not you asset to realise.
Your wife's cc would not be included in your bankruptcy, regardless of who pays for it.
It your wife can't service her debts, so she may have to declare bankruptcy also.
Myself and my husband both declared in September and it is honestly the best thing I have ever done. I still get a kick from paying my bills when they are due and knowing I can open any letters without worrying (or even worse, not opening them at all)

I had clients who went bankrupt. They went from looking like ghosts to happy people almost overnight. Frankly, it's the last thing your creditors want.

TheGardener

Pretender wrote: »

...pensions
We currently have no pensions. I had to opt out of the work pension as I couldn't afford the drop in my salary. ...

Opt back in tomorrow! Any reasonable contributions will be accepted by the OR - up to 7% on your salary would be perfectly reasonable. Any sensible person would have a pension - the OR will not dispute that.
Once the 'other party' becomes aware they may be forced to sell the house they may become more reasonable.

Do an SOA - there is one here with a button to format to post on here and start planning what a debt free future might look like

Minkym00

How much equity is there in your wife’s property?

Pretender

Just a quick update, I have filed for bankcruptcy and seeked further advice from the CAB.
Have been pretty ill because of it. They seem to have approved it already and I am waiting for the OR to call.
An interesting thing has happened though, I had a meeting at work to let them know why I felt I would not have my mind fully on the job and the company I work for want to make an offer to the creditors to clear the debts and annul the bankcruptcy to get me back to full health.
I was not expecting this kind of help or assistance at all. They have requested all debt information and also a personal budget planner and further discussions will take place. The Director is from a banking background and seems confident of a good outcome and a significantly reduced debt settlement is what he is expecting, especially now they have the extra risk that the filing has been made.
My fingers are crossed!

TheGardener

Wow - that's quite a result! Hope things go well.

silvercar

An interesting thing has happened though, I had a meeting at work to let them know why I felt I would not have my mind fully on the job and the company I work for want to make an offer to the creditors to clear the debts and annul the bankcruptcy to get me back to full health.

That's great news that they are supportive.

Now that you have hit the button, would it be better to stick with the bankruptcy as a way of dealing with the house sale?

Pretender

Employers are desperate for me to not become BR and have that against me.

As mentioned above, I am not named on the mortgage or the deeds of the house so BR would not touch the house anyway.
I have also been offered help with the house when this has all been sorted.
I will update later when more occurs.

Pretender

When reading about annulment it mentions that this can take place if all debts are "paid in full".
I am assuming that if the creditors agree to a lower amount then paying off the agreed amount is classed as "paid in full"?

Still stressing about this :-(

silvercar

Pretender wrote: »

When reading about annulment it mentions that this can take place if all debts are "paid in full".
I am assuming that if the creditors agree to a lower amount then paying off the agreed amount is classed as "paid in full"?

Still stressing about this :-(

I don't know, but I would guess that the creditors will rely on the OR getting all the money they legally can from you and that the debts would be repaid in the same pennies in the pound to each creditor; so I can't see them agreeing to a settlement in the same way they might if you weren't bankrupt.

To annul a bankruptcy that has already occurred I would think all debts must be paid back in full and the OR fees.

Minkym00

To get an annulment based on Paid In Full then all debts needs to be settled and a proof of payment obtained. Then the OR's fee of £8k needs to be paid. Finally there will be a few additional fees such as a Gazette fee but probably no more than £1-200. Then you have to apply for an annulment at court which is about £80-100 and, providing you have evidence all the above is paid, then your annulment will be granted.