As far as your bankruptcy goes, your partners earnings are not taken into account and the official receiver does not have a claim over their earnings. Only where property is jointly owned does it get more complicated.
I jointly own a property with my partner who is bankrupt. I am negotiating to buy out the equitable share. The trustees have asked for details of my income before they will close the books in order to establish a repayment schedule for my partner. Am I obliged to give them this information?
Submitted on: 21st Jan 2009 by Caroline Cooper (not verified) Non-Member
You are not under any obligation to supply the trustee with details of how you would fund the purchase of your partners share. They obviously want to maxmise the return by taking as much as you can afford. You want to work with them as much as you can, so if you can't fund the purchase in one go and are asking them to take stage repayments then you may consider it reasonable to provide top level information on what you can afford as part of the negotiation.
I am seriously considering registering myself bankrupt due to rising debts and becoming more unable to keep up the payments. My husband is in the forces and I want to know if my going bankrupt will affect his credit rating and if the insolvency practitioner will be able to claim anything from his wages? We don't have any joint debt or joint accounts.
Submitted on: 3rd Mar 2009 by Non-Member (not verified) Non-Member
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Does my partners income affect my bankruptcy
As far as your bankruptcy goes, your partners earnings are not taken into account and the official receiver does not have a claim over their earnings. Only where property is jointly owned does it get more complicated.
Re: Does my partners income affect my bankruptcy
I jointly own a property with my partner who is bankrupt. I am negotiating to buy out the equitable share. The trustees have asked for details of my income before they will close the books in order to establish a repayment schedule for my partner. Am I obliged to give them this information?
Re: Does my partners income affect my bankruptcy
You are not under any obligation to supply the trustee with details of how you would fund the purchase of your partners share. They obviously want to maxmise the return by taking as much as you can afford. You want to work with them as much as you can, so if you can't fund the purchase in one go and are asking them to take stage repayments then you may consider it reasonable to provide top level information on what you can afford as part of the negotiation.
Re: does my partners income affect my bankruptcy
I am seriously considering registering myself bankrupt due to rising debts and becoming more unable to keep up the payments. My husband is in the forces and I want to know if my going bankrupt will affect his credit rating and if the insolvency practitioner will be able to claim anything from his wages? We don't have any joint debt or joint accounts.
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