Another late night one - bankruptcy

[TabithaTwitchett]

I am getting concerned that I always post late - am not a wino, this is my only time during the day (esp with a teething baby).

My dh has very big debts, I have looked into loads of options but think bankruptcy may be the way forward for him. I have searched on a load of sites but can't find out whether it will affect me and my credit rating. We have no joint debts except the mortgage which has little or no equity. Can anyone help?

phone up the consumer credit council and ask them?
free

WHAT IS BANKRUPTCY?

Bankruptcy involves the complete liquidation of an individual?s property, (who is a person rather than a company) with the proceeds used to pay off the debts. However, the debtor can retain certain property that is specifically "exempt" such as tools of one?s trade, a solvent spouse?s equity in a house, and some personal effects.

You may lose your home (depending on your individual case) but it does enable you to get out from under the burden of debt more quickly

I would also add that i think the home address would then gain negative points for credit (which would affect you and others living there) unless you write a letter of dissociation (which you can't as he;s your hubby)....

Have you tried IVA?

Thanks, I have spoken to the CAB who won't advise without dh being there and have researched enough (I think to know what bankrptcy is and what it entails). I juat hoped someone knew the answer to this specific question without having the get more professional advice. Thanks again.

Pankhurst - sorry, crossed posts. I couldn't care less about the current property as has no equity, just worried about my credit rating as a consequence.

will this site help?

Thanks Mears, I looked at this but it mentions 'no financial connection' which I have. I am bothered as have a really good rating as have never missed a payment in my life. It seems unfair I will be refused credit because of my dh.

i think it is tough and would be a difficult one to get through to the bailiffs if they started coming to collect for his debt, so would be difficult to easily separate out you from him.

you might find a mad thing like divorcing him would help. but you sound like you're doing this on your own on his behalf????????

can that be right?

Too much to bear?

Honestly, I couldn't give a shit! I have debts of my own which I can pay but he is paying over 1k a month which is a bit stretching. My granny i subsidising at the moment it is so bad!

I am coming across strange. His debts are pre-me I don't want to pay them. Our debts are our flat with little or no equity. My debts are significant but repaid on time with no debt problems. I want Dean to be free of debt without influencing me - is this possible?

According to CreditExpert, the online credit monitoring service from Experian, 63% also believe that family and friends can harm the credit rating of people they live with. But negative information about either your or their finances does not have an effect on household members unless you have joint finances with them such as a mortgage, loan or bank account.

As I say Our debts are our flat with little or no equity Therefore we do have a joint mortgage

did you get anywhere further with this? just wondered what the upshot was...