Crimson King
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There are two purposes of bankruptcy:
(1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and
(2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment.
Based on this, you may not lose much at all, especially if your husband is the one initiating the bankruptcy. It lets creditors know that your attempting to make an honest attempt to pay all your debts. There are different chapters in bankruptcy. They are:
* Chapter 7 (a liquidation-style case for individuals or businesses),
* Chapter 9 (Municipal bankruptcy)
* Chapter 11 (a more complex rehabilitation-style case used primarily by business debtors, but sometimes by individuals with substantial debts and assets)
* Chapter 12 (a payment plan or rehabilitation-style case for family farmers and fishermen)
* Chapter 13 (a payment plan or rehabilitation-style case for individuals with a regular source of income)
* Chapter 15 (ancillary and other cross-border cases)
I really can't tell you much more because i don't know who initiated the bankruptcy, nor which chapter you'll be filing into. Just know that if you declare bankruptcy, you're credit, (or in this case, your husbands credit) will be in the toilet and bankruptcy stays on the credit report for years, (the most common number i've heard is seven, but i think it can be more or less depending on the chapter you're filing under). There are alternatives to bankruptcy; you may want to check your options...unless bankruptcy is being forced upon you. I read other answerers telling you to get a lawyer. I would talk to your bank first...there the experts in finance...or at least, they're supposed to be. They can give you some advice on how to fix this. |
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Iamstitch2U
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They may come after your money, maybe, but your home, probably not, it depends on whether or not there is criminal charges in the case...take no chances with your personal finances and put some somewhere safe |
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Rich N
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Sorry to hear of your situation.
There are accountants who specialise in this kind of situation. They are called Insolvency Practitioners. My advice is to contact one right away. As long as you are straight with them they can help you out.
Good luck. |
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Brad
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IT depends on the state you live in. Most states these days are community property states, so if he is going bankrupt, you are too. They will only freeze your assets and repossess property if you file a certain type of bankruptcy, Chapter 7, 11, or 13. It is probably better they repossess some of your stuff, and they only take stuff on monthly payments, cars, boats, etc. They usually cannot freeze any actual cash you may have, unless you maxed out all your credit cards on purpose prior to bankruptcy. Dont worry. Everything is going to be ok, and it will teach you a valuable lesson. |
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ARTHUR R
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first of all he is not being made bankrupt, he put himself in a position to be bankrupt. the best thing to do is seek counseling from a financial counselor and they will be able to guide him in the right direction on what to do, i did and i was able to consolidate everything for a once a month payment. today it's not easy to file bankruptcy the laws are changing. as far as your asset's they can be protective, but it may not be all legal. use your head in a situation like this. you want born yesterday. |
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peachy0782
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If he is the only one filing bankruptcy then worst case scenario they will take away his car unless it is in your name. Other than that he gets a clean record in about 2 months regardless of him filing. Just watch out because the credit card people will send a massive amount of new cards, and the problem can start all over again!! |
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red beret
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BAD LUCK. |
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diane w
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See a good insolvency consultant, Good luck |
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Jill
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Deff. time to consult a lawyer... |
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absolved lemon
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try and get one over the bank they can take whatever they want except tools but try blagger.com you may get more advice there |
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kisstineb
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depending on what type of bankruptcy he is filing will depend on how you must repay.
http://www.law.cornell.edu/wex/index.php/Bankruptcy
The site above will give you a lot of answers to the questions you have. Be sure to go over the differences in Bankruptcy law before filing. Good luck and yes your money is his money. |
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si
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In uk bankrupcy is individual, dont worry they can only play with your husbands assets.See if you can get the mortgage in your sole name before hes made bankrupt ask your lender about a transfer of equity. |
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MSMORTGAGE
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If you own the house jointly they will force it to be sold and use your husband's half to pay the debts i'm afraid. Your bank account is fine they cannot touch it. You need professional legal advice on this matter. Bankruptcy only last for 12 months now. |
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ssgtusmc3013
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everything they can |
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binksiesbaby
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If your name wasn't on the credit agreements, then they don't apply to you. Don't let others scare you. You won't be left destitute. It may affect your credit rating though if you are financially associated with him in anyway.
see http://www.direct.gov.uk/
they can't take your clothes bedding furniture etc and you will prob have to sell home to release your husband's beneficial interest in the property. |
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zoe s
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My husband was nearly made bankrupt by his b****h of an ex, but after 4 and a half years of struggling we've just paid the last instalment of the last debt, and now we're going to have a brilliant xmas :o) You don't have to go for bankrupsy, co-operate with who you owe money to, struggle like mad and 'live on love'. We did and have got a load of great stories about how everything of value we owned could fit into a shoe-box, and it's nice having the knowledge that we got ourselves out of it! PS: We managed all this with a baby and we've never argued about money, instead we've ended up with a VERY solid relationship! |
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Blendin
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Hell. I ve been through it. With close family support you can make it. Good things will come out of this guaranteed. Even if its close friendships from people who support and help. The world is a good place believe me. Good luck, stay by your man if you can. |
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eMale
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It all depends on the laws in your state. |
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Jeff L
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yes since your marry unless you can prove that you been separated for more then 6 months. |
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Super Duende
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for the bank accounts, they will freeze them on less you can prove you earned that money, or it was yours before you got married, and for the home assets is the same, you'd have to prove you bought them or that they were yours |
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iwaann60640
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don't worry, this too shall pass and you and him will be able to get new credit after a while....it's not the end of the world. |
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Kiari
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Get thee hence to a lawyer or credit councillor to learn about how your bankrupcy is going to effect you, because they can and will come after every cent you think is yours. Since the creditors are getting a few cents on the dollar from the money they've lent you so you can live outside your means, don't be a jerk to them about it.
You should be able to keep your home. Bankcrupcy is not the end. It will actually protect you. People you and your husband owe money to will have to settle with a fraction of what you owe them and not be able to harrass you again.
You'll have to pay cash for things for the next 7 years or so, no credit cards, no loans, but it can rescue you from debt that you can't see a way out of.
Take this as the blessing it is, and seize the chance to restart your life with a fresh clean slate, debt free. |
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cirestan
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I don;t know the new laws. But if you file under Chapter 7 you have an amount of protection for personal property. They will look at your home insurance to see what value personal property you have.
If you have separate accounts then yours will be safe. If your husband has a legitimate to pay ou for ANYTHING. Have him write you a check for "services" or whatever and transfer his outstanding cash into your account. This could even be an anniversary or birthday present. I believe it is up to $40,000 between husband and wife tax free. |
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?
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This is an extremely complicated system did he use your property as collateral ? If so you could find yourself homeless. It depends on the law of the country you live in. In some states in America you might find what is yours in law is his ( as in divorce) . You need a god specialist lawyer/solicitor. Be very careful my dear you might feel like trying to shift monies and properties around and find you and your husband with Criminal Bankruptcy charges and you could end up in prison. All the very best too you both Dirky |
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snvffy
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Get a lawyer. |
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Benski Sullivanovich
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Have you tried looking at the possibility of an IVA ?!?!?!?
I went down this root when I was having hard times and even though it was a hard thing to get through I am know fully debt free.
There are plenty of companies advertising on the TV at the moment or simply take a trip to your nearest Citizens Advice.
I offered to pay back my creditors in full but you can sometimes get a debt reduced and also all the interest on your existing debts will be frozen if the agreement is accepted. |
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kj
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It would depend if you are listed in the bankruptcy as well, or just him. It also depends on what is set up with the courts, and what type of bankruptcy you file. You may not loose anything. They certainly won't be coming for your furniture, your appliances or your personal items. But you need to seek a bankruptcy attorney who can outline all this for you. |
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taxmatters@btopenworld.com
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Not in UK.
Husband and wife are treated seperately. |
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canada grl
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good luck, i wish i could give you advice. |
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aa
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Marriage = joint ownership = joint debt.
Sell everything you own to a very very good friend or relative for a pound. |
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scallywag
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Contact your local citizens advice bureau. A lot of them can give you advice over the phone or you may have to go into their office. Their advice to you is free. Marriage may not always mean joint debt but you need to ask the experts. Other free debt advice companies may be able to help e.g., national debt line and consumer credit councelling service. All the best. |
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