My wife and I have considering jointly going bankrupt. We have combined debts of over £30K but none of the debts are in joint names. We live in rented accommodation with no assests. WE are both working bring in approx £2200 a month. Are there are particular problems that we would have in this situation in boty going bankrupt.
You would have to petition seperately if you were to do this but you can do it on the same day. You would have seperate OR interviews as well.
I take that you cannot afford to pay your monthly payments after your priority debts have been paid?
If you have more than £100 per month disposable income after your rent etc., then you will be required to make payments of between 50 and 70% of any income above that £100 for three years.
I accept that we would petition separately and acknowledge the 3 year IPA.
Our situation is that the majority of the debts are in my wife's name (catalogues, stores cards etc) but she is the lower earner of the two of us- she earns around £600 and I around £1600. Currently the majority of our debt repayments come from my salary although we struggle to make repayments.
How would all this figure out with the OR if we both went BR?
If just your wife were to petition, then I doubt she would get an IPA. Is there anyway that you could afford to still service your own debts if she went BR? It might save both of you having to do it.
considering jointly going bankrupt
Posted - 23 June 2009 : 10:43:09
