Husband going Bankrupt.

[EvaG]

My Husband is going to let HMRC bankrupt him as he has an 11,000 tax bill which he cant afford to pay. He has been advised by the CAB to do this as at the min we cant even make a minimal offer of monthly payment to them. Thing is we have a joint mortgage and a joint secured loan on our home. I am working and can afford the mortgage and bills on my salary, after taking into consideration the secured loan there is little or no equity in our home. Is there a possibility we could loose the house??

 

Having sleepless nights about this as have two children and dont want to be homeless can anyone give me any advice ? please

[dx100uk]

pers i'd say no , don't do it.

 

£11k is very boarderline to following that route

 

have a word with the national debt line

 

the inplications of declaring BK run much deeper than most comprehend

 

don't believe the speil that is bounded around about how 'simple' it can sort these issues

 

 

dx

[Leakie]

Get advise from a proffesinal adviser, before you make any desisions,

If you do go down that route, you can prepare yourselves for what will happen.

 

get a parchute bank account set up, for starters,

 

it is not as bad as I thought it was, but I have found it hard getting back on my feet work wise.

I assume your OH is self employed,

 

what ever you decide I wish you the best of luck.

 

Leakie

[GuidoT]

I agree too small a sum to go bankrupt for. I certainly would not go voluntarily, if HMRC push for it then that is different.

 

Over the future years it will cost you more than £11K in terms of obtaining work, paying higher rates on debt etc.

 

As to your question if a joint named house, you will have the option to purchase your husbands part of the house, if it is worth nothing then it will cost you nothing.

 

Very unlikely you would end up homeless.