Bankruptcy advice

[NorthE]

I'm seeking into going bankrupt.

 

I virtually have nothing on me, e.g. I don't own any assets and I'm flat broke.

 

However my wife, who I've split up with (Not officially - we are not living with each other) owns the house I'm living in.

 

If I file for bankruptcy (Just myself) will my wife lose her house? Reason being is that I don't want this house lost and I have a crap load of debt as well as my 2 kids that also live in the house.

 

Let's just say this!: The house isn't in my name, but in my wife's name, do I even have to mention this to a bankruptcy solicitor?

 

I'm totally new to this (I've never been bankrupt before) however I'm forced to go bankrupt or live a horrible life of working to pay back what I can't pay back and to be honest I'm getting on a bit now and don't want to be forced into this position.

 

Also is there any set expense in paying to go bankrupt?

 

Thanks.

[GottaDoit]

The best people to ask about this are the Official Receiver's helpline - they are very good and very helpful. The court where you would file for BR should give you the number, or the number they gave me was 0845 602 9848.

 

As far as I understand though they can't take anything if it's in someone else's name, even your wife's. BR is a personal thing and only affects things in your name or joint names. The exception is where the ownership of something like a car is transferred before BR in order to avoid it being taken. They can reverse such things and take it anyway. Check with the OR helpline to be sure.

 

Bankruptcy (outside London) costs £150 + £360, but if you are on a low income they will waive the £150. You need to complete form EX160 for this which you can do online via the HM Court Service web site (hmcourts-service.gov.uk). You then need to show proof of income at the court.

 

Have a look at www.insolvency.gov.uk for more information, and you can complete the relevant forms online there too.

Edited July 7, 2009 by GottaDoit

[loobyloo85]

Take a look at the following link which may be of some help to you:

 

UK Advice: Consumer Bankruptcy - Property Role In Bankruptcy

[GottaDoit]

I've just come across another article which discusses a similar issue, see.

My husband has been made bankrupt. Will we lose our house. | Talk About Debt

 

Perhaps not quite as simple as I thought. Best advice (as before) is just to ask the official receiver - phone the helpline before going bankrupt.

[debtinfo]

The Trustee in a bankruptcy is looking to see if you have aquired an interest in th property. There are several you may hae dome this the main ones being, payment towards the deposit, payments towards the mortgage, shared overall contribution towards the household and improvements to the home (ie if you paid for an extention etc)

[homespun]

hi.

if you feel bankruptcy is the only option open to you have a word with these guys.

i filed today have my hearing thusrday.

these people are very good and if you are working for yourself they will give you the number of the business debt helpline who are as just as helpfull.

 

National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000