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Is bankruptcy an option? Married, living with husband & our 4 children. Debts are all mine

My husband is self employed, we are both directors in his limited company and I'm on the payroll as an employee. I've just had our forth child and am currently on maternity leave. I have around £22000 of debt solely in my name, my sole income includes child tax credits, child benefit, mat pay & dividends. If I was to consider bankruptcy would my husbands income be considered? All of the household bills are solely in my name and come out of my bank account, but he puts money into my account from his income every month so that I can pay everything and buy food. Would me going bankrupt be a viable option for us? If I entered into an IVA would that be based on just my income or both of ours? I don't want him to be punished for working harder one month and having to hand over any extra money he earned because of my debts.

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Re: Is bankruptcy an option? Married, living with husband & ...

To accurately assess your options and answer your questions would require a lot more detail and you may find that the only way to get all of the answers you need is by going through everything in greater detail with a qualified debt adviser. If you contact a free debt adviser they will be able to highlight any good or bad points from the debt solutions available to you, this makes sure that you both choose the right course of action for yourself and your family. If you choose to go bankrupt then you may find that you are unable to carry on as a Director of the Limited Company and this may have other implications that impact your husband. A debt adviser will take details of everything that is needed by the household and work with you to make sure that everything has been considered.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you need further help, Debt Advice Foundation provides a free, confidential helpline and can advise you. Click here to find out more.


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