Bankruptcy Advise Needed

BaggieBoi

Good afternoon everyone I am looking for some help regarding declaring bankrupt.

I have been with my wife for almost 7 years but from a previous relationship I have alot of debt. Some joint and some individual.

This included a home repossession with a debt of approx £75k joint
Car repossession
Credit cards
Loans joint
Over drafts joint

Total debt is approx over £100,000

I have no contact with my ex partner and are totally unaware if she has made any effort to pay these debts. I highly doubt this.

Since seperation I was advised by the citizens advice to stop paying and make no payments and just concentrate on paying essential bills because I was trying to keep up with payments and just couldn't do that and support myself. Since the seperation as I said I have married and have 3 children and rent a property and our financial income has improved approx £50,000 coming into the house per year.

My question is do I go bankrupt or will these debts be written off after a certain amount of time?

Secondly on the SOA do I have to include all my current house hold bills even tho they are split with my wife? Will her earnings be taken into consideration? How much are you allowed to keep for spending to live a comfortable life? At the moment I am paying nothing I am reluctant to get an IPA and have to start losing all my money.

We also want to buy our own house what is the likely hood of this In the future ?

Thank you for any advice

sourcrates

BaggieBoi wrote: »

My question is do I go bankrupt or will these debts be written off after a certain amount of time?

Secondly on the SOA do I have to include all my current house hold bills even tho they are split with my wife? Will her earnings be taken into consideration? How much are you allowed to keep for spending to live a comfortable life? At the moment I am paying nothing I am reluctant to get an IPA and have to start losing all my money.

Hi,

You can`t have it all ways i`m afraid, mortgage shortfall debts have a limitations period of 20 years, your other debts however have a limitations period of 6 years, so its likley, if the ex has not been paying them, that the simple contract debts will now be statute barred, but it depends on the default dates for each account.

That still leaves you with a 75k mortgage shortfall, are you currently been chased for this by anyone ?

If you go bankrupt and have a disposable income of more than £20, then you will get an IPA for up to 3 years.