More Questions And Feel Really Low Today

debtsucks

hi everyone

i was really positive yesterday and now feel so bad that my stomach hurts

Basically hubby going bankrupt, roughly £70,000 debt (failed business) on credit cards and personal loans all in his name,

The only debt in both names is the joint acc £9k overdrawn:eek: , have been advised to pay this off before br as my credit file may be ruined , which i dont want it to be (family member giving 9k):j , called cccs today and they said if you pay 9k before OH bankruptcy this may be frowned upon as showing favouritism!!

So do i pay the 9k a few days after going bankrupt as the whole overdraft i will be liable for anyway,
will i be in trouble for doing this as it will now be in my name only and they will chase me:eek:


Then the house situation, we jointly have a mortgage on it and never been in arrears or anything like that we believe it to be in negative equity or very very little equity, so i (wife wanted to buy any beneficial interest in it, hoping for it to be £1.00) or really low as the market is indicating recently, i have just spoke to insolvency helpline and they have told me that just becasue its neg equity or low, they may sell anyhow (WHERE IS THE POINT IN THAT!)

Also am i able to buy the beneficial interest even though my name is already on the mortgage, i am so confused.

Also when sorting out soa, do i include family benefit of 120.00 per month it does not go in his bank, i get a cheque each month in my name, and not sure if this needs to be included,


if anybody out there can help , i would appreciate it, i feel so depressed, sick and scared again:o

tigerfeet2006

Hi and sorry you are not feeling to bright at the moment.

When you do the SOA you put your husbands income down and ALL the outgoings, then there is a space where it asks if anyone else contributes. This is where you put any of your income that you use to help the family budget.

Hope that helps a bit.

Richard_S

Hi debtsucks,

If you're not going bankrupt and the account is a joint account, then you're liable for any overdraft. If you choose to repay that by borrowing money from a relative I can't see why there's anything wrong with that. You're not repaying your husband's debts; you're repaying your own. If you want to keep your credit file clean then you should repay it sooner rather than later, and then close the account so that you're not linked to your husband financially.

If there is little or no equity in your house, then you will be able to purchase the B.I. Forcing house sales is the last thing the O.R wants to do if there's any other option. Equity of less than £1,000 is usually classed as being no B.I. We bought the B.I in our house and w'ere both on the mortgage and were bankrupt at the time.

I wouldn't include Family Benefit in your husband's SOA, it's not his income, and it's not included anyway.

Bankruptcy is a roller coaster ride; all you can do is accept that you'll have good and bad days, and try not to let the bad ones get you down too much. Easy to say, I know, but I think most of us on this Forum have shared your emotional turmoil.

Regards

Richard

debtsucks

tigerfeet2006 wrote: »

Hi and sorry you are not feeling to bright at the moment.

When you do the SOA you put your husbands income down and ALL the outgoings, then there is a space where it asks if anyone else contributes. This is where you put any of your income that you use to help the family budget.

Hope that helps a bit.

thanks for your reply tigerfeet you have really helped

debtsucks

Richard_S wrote: »

Hi debtsucks,

If you're not going bankrupt and the account is a joint account, then you're liable for any overdraft. If you choose to repay that by borrowing money from a relative I can't see why there's anything wrong with that. You're not repaying your husband's debts; you're repaying your own. If you want to keep your credit file clean then you should repay it sooner rather than later, and then close the account so that you're not linked to your husband financially. hi, when i spoke to cccs they told me not to make the overdraft clear before DH Brptcy because when OR sees 9k been paid it in it will show favouritism (as at that time acc in his name)

If there is little or no equity in your house, then you will be able to purchase the B.I. Forcing house sales is the last thing the O.R wants to do if there's any other option. Equity of less than £1,000 is usually classed as being no B.I. We bought the B.I in our house and w'ere both on the mortgage and were bankrupt at the time. thats lovely to hear, a successful story, this is a big worry for me

I wouldn't include Family Benefit in your husband's SOA, it's not his income, and it's not included anyway. do i def not include it as i am scared that if i leave it out i am stashing it away yeah all 120.00 of it, i just wanna get it right

Bankruptcy is a roller coaster ride; all you can do is accept that you'll have good and bad days, and try not to let the bad ones get you down too much. Easy to say, I know, but I think most of us on this Forum have shared your emotional turmoil. richard thanks so much for your support so far, this really is the scariest thing what is happening to the family right now

Regards

Richard

thanks very much richard

fermi

debtsucks wrote: »

hi, when i spoke to cccs they told me not to make the overdraft clear before DH Brptcy because when OR sees 9k been paid it in it will show favouritism (as at that time acc in his name)

There is no way I can see that as being a preferential payment.

I think I said as much on your other thread.

Try the Insolvency Service general enquiry line.

0845 145 0004 http://www.insolvency.gov.uk/contactus/enquiryline.htm