Considering Bankruptcy Help

[kelali]

Hi,

 

I'm considering bankruptcy after being in a DMP for 2 years with the help of CAB. I am married and have debts of about £45000 which are all in my name and it is causing a real strain on our marriage. The CAB have given me the information on Bankruptcy and said its an option. I just have a couple of concerns would my husbands income be taken into account when paying my creditors and also my parents are elderly and they want to leave me their house i am terrified that if anything happens i could lose their home. Any advice greatly appreciated thanks.

[uptoeyeballs]

Hi kelali,

 

Have you looked at:

http://www.insolvency.gov.uk/guidanceleaflets/guides.htm#Information%20about%20insolvency%20procedures

 

uteb

[matt5983]

Hi,

 

I'm considering bankruptcy after being in a DMP for 2 years with the help of CAB. I am married and have debts of about £45000 which are all in my name and it is causing a real strain on our marriage. The CAB have given me the information on Bankruptcy and said its an option. I just have a couple of concerns would my husbands income be taken into account when paying my creditors and also my parents are elderly and they want to leave me their house i am terrified that if anything happens i could lose their home. Any advice greatly appreciated thanks.

 

 

Your husbands income would be taken into account as he's expected to contribute to the household bills etc, try and lose all your income into your expenditure, you maybe ok then.

 

If the house is given to you whilst your still in the discharge period, then the OR will want it, but when your discharged from bankruptcy and you are not paying anything to creditors (IPA) then the house will be fine as you'll be free from bankruptcy, hope someone chimes in if im wrong