Bankrupt and getting married

Honeypot1

Hi, I’m after some advice please around bankruptcy and my relationship status. I declared myself bankrupt and it went through in March 2019. All of the debts were/are mine and in my name. I have been made subject to an IPA for 36 months.
I am in a relationship, my partner doesn’t live with me but in August 2020 we are getting married.
Will my bankruptcy and IPA be affected by our marriage? Will I need to declare anything? My partner owns his own property and works, would his assets or income be impacted by my situation?
Advice and help much appreciated.

thevdm

Getting married alone has no impact on bankruptcy and an IPA.


If you move in together after getting married then you would be required to do a new SoA to show any changes on bills and what your share of them would be.

Socajam

If I was your partner I would seriously look at what I am getting myself into.
I would have separate accounts on everything and most certainly not have your name on the mortgage.
Yes, it cold, but as someone who had to struggle for years, I am not prepared to place my assets on the line for love.

MEM62

Socajam wrote: »

I am not prepared to place my assets on the line for love.

Anyone getting married does exactly that - particularly if you have the greater assets and even without the complication of BR.

RattyIrk

Agree with Socajam and it doesn't have to be viewed as a negative. Can still get married but be a bit clever.

Unless you have to go on mortgage why would you? Would be worse rate for years. Keep accounts separate. It is about minimising risk.

IPA is unfortunate but if part of the same household marriage in itself shouldn't impact. Just make sure you get no additional assets over term of IPA. Might be worth considering a co-habitation agreement making it clear that what is his will remain his. Under no circumstances transfer the house into joint names during IPA. No buying significant joint assets of any kind.

Honeypot1

Thanks for replies. Just to be clear my partner is aware of everything and she has fully supported me through these difficult decisions.
I have no interest in her assists, just protecting them.
I have a decent job and work hard (hence the IVA).
I have read that unless anything is in joint names then everything should pretty much remain the same. I think that’s what I’m taking from these responses.

Socajam

Yes, leave things in your name and your partner's name.
I am not writing this to be nasty, but as I said I went through hell and back with my SO, ended up going from a 39,000 pounds mortgage to a 60,000 pound mortgage (1989), interest rate was 15%.
I had a good job, but the increase in mortgage practically left me after bills with nothing for food etc.
This was a lesson in reality for me and there is no way I am prepared to place myself in that situation ever again (love or not).
I could tell anyone, having debt it like having a tight chain around your neck and with no way of releasing the pressure.
Get yourself engrossed in this debt and use every spare money towards it. Before long, you are going to be surprised how much you are paying off.
Once you are debt free and are in a position to apply for credit cards, do not get cards with your partner, have separate cards.