please help me.......

[raj-s]

i am thinking and dreading of going bankrupt, i do not live with my wife ,i am not offically divorced, can they chase my wife to sell her assets to pay my debts, please help me.......

...... this is very stressing , please let me know what happens if you go bankrupt and then afterwards you eventually get a job, can the debtors still chase you for funds afterwards ? ........

[MelanieGiles]

Hi raj-s and welcome to the forum

Your wife's assets are safe from your bankruptcy, so do not worry about that. If you do find work during the bankruptcy period, then you must tell your Trustee and they may assess that you can afford to pay monthly contributions - for a maximum three year period.

Have a look at Skippy13, Scaredkez and Coco's blogs, for some useful practical information about going bankrupt. The process is really not as scary as it might seems at first.

Good luck!

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Good morning Raj,


Welcome to the forum.


Husbands and wives are separate individuals. Therefore, unless the spouse also files bankruptcy, the spouse's assets and liabilities are not affected. However, where assets are owned jointly, e.g. a house or car, it is the Trustee's responsibility to liquidate the one-half interest owned by the bankrupt.

Also, if a debt was signed by both spouses, then the bankruptcy of one spouse means that the other is now liable for the full debt.

Kind regards,



Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net