some advice needed

whenwillitend

i am new to this site and would like some advice please my husband and i are going down the bankruptcy road our circumstances are a little bit different most of our debt is in my husbands name how does this effect me we have stopped paying our creditors and have received all the normal letters and phone calls they won,t speak to me because its my husbands debt(although we have both spent the money) we have not paid any money to our creditors for a year now and have appointed someone to act on my husbands behalf but these people will not speak to him and although they have letters from him to act on my husbands behalf they just bypass him and phone my house asking for my husband. we have decided that our only choose would be for my husband to go bankrupt but need to know how this effects me ,we do have a loan that is in both our names what happens about that once his bankrupt will they come to me for the money which has 3 years left to pay will we be able to come to an arrangement , my husband and i have set up a company which i am company director,he also has a car which is on fianance what happens about that, we don,t own our house we rent from a housing association so we know we have no problems there but just need some advice on certain things which we not quite sure about.

maxmycardagain

Firstly, you will be contacting CCCS and or the CAB for correct advice, you will get shedloads of considered opinion (borne out of shedloads of experience) here which will be a help and support, but proper advice is paramount and the judge in the case will need to be satisfied you have taken it.

http://www.citizensadvice.org.uk/index/getadvice.htm

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

maxmycardagain

the alternative to BR is an IVA

this obviously depends on your income/outgoings and disposable income

going BR means you cannot act as a director of a ltd company

joint debtors are usually equally liable for sums owed be it tax, vat or loans and overdrafts

regarding the car, the OR could exempt it, that depends on its value, whats owed on it, can you justify its worth to you (school runs, hospital appointments, etc) or is it a tool of the trade and required for business purposes, if the OR exempts it and the finance company are happy then you could be able to keep it - but the outstanding amount is still payable.

once BR you cannot legally pay a creditor

maxmycardagain

BTW, dont accept services or advice which has a cost attached to them.

whenwillitend

maxmycardagain wrote: »

Firstly, you will be contacting CCCS and or the CAB for correct advice, you will get shedloads of considered opinion (borne out of shedloads of experience) here which will be a help and support, but proper advice is paramount and the judge in the case will need to be satisfied you have taken it.

http://www.citizensadvice.org.uk/index/getadvice.htm

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

we have taken advice from our accountant who is trying to act on our behalf but is,nt really getting anywhere with these people the debt that we owe is not in joint names just my OH.

whenwillitend

maxmycardagain wrote: »

BTW, dont accept services or advice which has a cost attached to them.

sorry i,m really new to this site what do btw stand for etc

betterlatethannever

btw= by the way.

WWIE, please do as Max says and get some free professional advice.
Those companies that he mentioned know ti all and can have some clout with the creditors.

You may have to wait a couple of weeks for appointments with CCCS/CAB, but ND is instant advice, and equally good.

Make that call and keep asking questions here. You'll soon get all the help you could wish for.

whenwillitend

maxmycardagain wrote: »

the alternative to BR is an IVA

this obviously depends on your income/outgoings and disposable income

going BR means you cannot act as a director of a ltd company

joint debtors are usually equally liable for sums owed be it tax, vat or loans and overdrafts

regarding the car, the OR could exempt it, that depends on its value, whats owed on it, can you justify its worth to you (school runs, hospital appointments, etc) or is it a tool of the trade and required for business purposes, if the OR exempts it and the finance company are happy then you could be able to keep it - but the outstanding amount is still payable.

once BR you cannot legally pay a creditor

my husband is not a director of our company his employed by me so once he goes bankrupt i will still be a company director.As regards to the car it is a tool of the trade because he,s a driving instructor the money that owed on it still has 3 and a half years to go so will i then be liable for this or the company!

maxmycardagain

dont run up your accountants bill, he may become a creditor......lol


(mine did.....)

maxmycardagain

who took the HP out? i doubt it was in the name of the ltd company

if you dont go BR then you can continue as a director and employ him, it depends how much the joint debts are as to wether or not you go BR to i suppose

whenwillitend

betterlatethannever wrote: »

btw= by the way.

WWIE, please do as Max says and get some free professional advice.
Those companies that he mentioned know ti all and can have some clout with the creditors.

You may have to wait a couple of weeks for appointments with CCCS/CAB, but ND is instant advice, and equally good.

Make that call and keep asking questions here. You'll soon get all the help you could wish for.

thanks we have taken advice from our accountant who is trying to reach a arrangement with the creditors but they won,t speak to him ,even if he reachs a settlrment it going to be really difficult because we are struggling now and we ,re not paying them so i really think bankrupcy is the only answer for us how does it work when its just my husband going bankrupt.