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| snowman57 |
Posted - 07 June 2009 : 21:46:04
Hi, I have a unsecure loan with my wife. If I take bankruptcy, will the creditors come after my her for the outstanding amount? in which case, would she also need to take out bankruptcy? she has no money to pay these guys either. |
| 4 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 13 June 2009 : 09:54:11
Hi,
If she has no means to be able to pay the joint loan (and she would have to make full payments on that) then BR could be a solution for her.
However it is double the fee, so would cost you £1020 in total.
I'm not sure about the savings, but I imagine she would have to hand them over to the OR.
Is there not some way of her finding the money to fund the joint loan? A family member or friend who could help her out?
The glimmer gets brighter all the time
Jan
xx |
| snowman57 |
Posted - 13 June 2009 : 09:02:07
HI GUYS,
I posted a reply to you, but it never entered the web site.
i have a joint loan of £20.000 with my wife.
are you saying we both would need to apply for bankruptcy?
does this mean paying double the costs?
also, she has a small savings which she has worked very hard for, would she lose this?
we do not have any assets, the other loans are all in my name except this one which is the biggest.
I would not want her to lose her last few pennies, when all this was my fault, and she was not willing to do this joint loan in the first place.
she is unwell, and we are going through a divorce, to have creditors on her back is the last thing I would want.
could you or anyone who reads this post please help and advise me thanks
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| gettingoutofdebt |
Posted - 08 June 2009 : 08:50:23
Hi,
Is this the only debt that you have? If you declare BR then all of your debts will need to be included.
As Kallis has said if the loan is a joint loan then your wife will be liable for the outstanding amount.
BR is a final solution so if you don't have any other debt it may be a bit extreme.
- How much is the loan for and how much total debt do you have?
- Do you own the property that you are living in and is it in negative equity?
- If it is just this loan you are struggling with have you contacted the credit company to try to work out lower repayments? |
| Niobe |
Posted - 07 June 2009 : 22:10:36
If you have a joint loan with your wife, then yes, creditors would chase her for the whole amount if you declared bankruptcy.
It may be an idea for both of you to consider it if you have no money to make the payments.
The glimmer gets brighter all the time
Jan
xx |
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