could i go bankrupt ? & partener do a dmp ?

[depressed]

hello ,if an iva was not accepted could i declare myself bankrupt my debt is much bigger than his? and could my partener carry on paying their debts through a debt management plan ? if so what happens to equity in the property ? does my equity be put towards my bankruptcy and his half go towards his dmp ? as its a joint mortgage ,there is only one over draft in both our names for £500 ,thats the only joint debt .
just figuring out our options ,thankyou for any advise .
also, sorry ... if i declare myself bankrupt what effect if any would this have on my husbands self employed business ,my name is'nt linked to anything there .
thankyou again .

[MelanieGiles]

Hi there

Yes - there is no problem in one of you going bankrupt and the other doing a DMP, but remember that in bankruptcy your interest in the property will vest (be transferred to) a Trustee in bankruptcy, who will want to sell this and pay your creditors. Your partner is still free to do whatever he likes with his equity, which rarely forms part of a DMP settlement.

Your bankruptcy is likely to have little effect your partner's business.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Andrew Graveson]

We have a case where the couple concerned took this exact route.

It worked well for them as it was a good fit for their circumstances.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[depressed]

hi if i was to go bankrupt what assets would i loose ,i would obviously hand over my half of equity and insurance ,but what about household things,we dont have anything really special but i just was concerned over things like our leather sofa and cabinets etc ,also if it was just me to go bankrupt ,i own no car or anything but would i have to pay anything each month all i receive is benefits mainly for the children and family tax credit etc ,would they take into account my husbands income in any way or would he be affected at all ? as we have one joint over draft of £500 ,but thats it as far as joint debts are concerned .would we need to have seperate bank accounts ?we both have a joint cash minder account at the mo ,ready to propose an iva ,would they close this down ? sorry to sound negative and fingers crossed our iva is accepted but i'm just thinking ahead incase .
thankyou so much for any advice .

[Adam Davies]

Hi
You would not lose any household items,the OR will not visit and will rely on you to list any assets.
As your income is from benefits you would not pay anything in a BRO or BRU each month.
The joint account would be frozen,depending on the banks policy,so try to remove yourself from it and open a seperate cashminder account.Don't have any money in it on the day of bankruptcy.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[depressed]

thanks andy ,you are a star ,i feel so much better just knowing my options is a real help,so my husband would not be affected at all ? even with the £500 joint debt ?

[MelanieGiles]

Just a minor correction - Andy means an Income Payments Agreement or Income Payments Order - and not a Bankruptcy Restrictions Undertaking or Order.

Your husband will be responsible for paying all of the £500 debt in the event that you go bankrupt.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Your right !!

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

What are you doing posting on the forum at quarter past seven on a sunny Florida morning??

Get yourself in that pool with the girls!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Beechy]

We have just assisted a client who is in the same situation, and everything went smoothly. So you should not have any issues.
Good luck and keep us informed.
If you do have any problems in the future or ant queries post them as you think of them, so one will be able to try to give peace of mind during so darker moments


Dave Beech