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Bankruptcy and Joint Accounts

 
Eternal Optimist
(@eternal-optimist)

Hi!

Can I please have a step-by-step list and checklist of what I need to do before my partner is made Bankrupt. 
We have a joint account which is in overdraft. I had this in place so I could keep an eye on financial activity which has back-fired because I’m now jointly liable. What to do?

I don’t want to be implicated in the bankruptcy. I need to protect myself and the children - safeguard us all in this with a roof over our heads.

Any advice and experiences would be much appreciated. 

Hindsight ….. a wonderful thing!!

This topic was modified 2 months ago 2 times by Eternal Optimist
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Topic starter Posted : 26th June 2022 7:43 am
Givemethebuzz
(@givemethebuzz)

Doubt anyone here is qualified to comment on this , you need to speak to an insolvency practitioner tomorrow 

ReplyQuote
Posted : 26th June 2022 11:36 am
c43h
 c43h
(@c43h)

Ask stepchange. I am sure they can advice you.

Best

C

ReplyQuote
Posted : 26th June 2022 2:03 pm
Joydivider
(@joydivider)

Hello EO and Welcome

My best advice is you can't let it make you ill with worry. 

I don't know your financial circumstances or joint ownership of property for example.

My best advice is you have to take the fear out of it, not panic and deal with it as calmly as you can. It's a regulated mechanism to allow all parties to try and sort things out. Don't panic about the B word as many people go through it. Fear and panic won't help so with knowledge you will gain strength to deal with something that isn't your fault

The main issue is large assets the obvious ones being a house or car

You need some legal advice to see what you maybe liable for. Do not sell small items to cover large debts....its pointless

What you can do for peace of mind is protect any sentimental items but there is a lot of paperwork before the courts try recovery

You are allowed a living allowance and the creditors are well aware that you may not be able to pay it back beyond a small token payment.

Again I don't know your finances or liability so places like the citizens advice bureau are a good place to start getting advice.

Best wishes

This post was modified 2 months ago by Joydivider
ReplyQuote
Posted : 26th June 2022 8:59 pm
Eternal Optimist
(@eternal-optimist)

@givemethebuzz Thanks. 

ReplyQuote
Topic starter Posted : 26th June 2022 10:54 pm
Eternal Optimist
(@eternal-optimist)

@c43h Thank you. I will get further advice from them. 

ReplyQuote
Topic starter Posted : 26th June 2022 10:55 pm
Eternal Optimist
(@eternal-optimist)

@joydivider thank you ….. you’re right, no need to panic (just yet!!). I will gain knowledge, process and not react unnecessarily. Much appreciated. 

ReplyQuote
Topic starter Posted : 26th June 2022 10:57 pm
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