DH will declair bankruptcy within weeks. Help!!

[happysunshinedays]

Hi,
DH's business been looking dodgy for a while. Looks as if he'll have no choice but to go bankrupt withing weeks or less.

We won't loose the house as it's mainly in my name due to my mum's inheritance. I don't really know what the next few weeks and months will be like but I'm scared! I will be making an appointment with CAB but if anyone could give me any personal hints, tips or accounts of what a similar situation was like for them, please let me know. Also, can you turn up to CAB appointmants with 2 LOs in tow?

You are doing the right thing going to CAB. I take it they know why you are there and are taking the relevant documentation.

They sometimes have waiting rooms with toys in, depends on the place really.

Good luck

Erm....when you say "mainly in my name" what does that mean?

Also, is he going bankrupt or is it just his company. Is it a limited company or sole trader or partnership?

Finally, has he secured any debt against the house or given any personal guarantees?

I own 85% and have been advised by a lawyer that they can not force sale to access his share. He is in a partnership, not limited; (his partner will loose his house).
Not sure about debt against house or personal guarentees, ( I know it's rubbish that I don't know this),but like I say, have been told they cannot force sale.

OK. Yes they cannot force sale but will probaby get an attachment order which means when you do sell they will get 15% of the sale price after expenses.

Do you have any other joint loans? If you have other joint loans then they may well be 'joint and several' which means you will still be liable for 100% of the loan interest and capital repayment if your DH defaults.

As Beenbeta says they can put a charge obn the house for his 15%.

No joint loans, have joint credit card which I know will go into my name.

This does not sound too bad. I would be very very careful to keep all your finance separate now. No cash transfers between each others bank accounts.

Put all utilities, council tax, etc in your name only.

CAB meeting will be difficult with 2 DCs. Also, you may well need several meetings.

What is the purpose of putting council tax and utility bills in her name?