question category: Bankruptcy

My wifes got £20k in my account. Will she loose it if I go bankrupt?cant easily prove hers

Submitted on: 23rd Jan 2009 by Non-Member | Total Answers: 2

Long story short(ish). About 6 years ago I bought a number of shares in different companies. A couple of years later my girlfriend (now wife) bought some of the shares in one company off me with her divorce settlement money. She lost custody of her kids so the shares were kept in my name due to possible csa complications. 2 years ago the shares were cashed (at a profit) and money transferred into premium bonds, again in my name. About 6 months ago she cashed the premium bonds and transfered the proceeds (£20k) to an oz bank account as we're due to emigrate out there next year.

I work as a contractor and 4 months ago ish my work litterally stopped overnight. In the last couple of days the CCCS have advised I declare myself bankrupt!

My question is, will my wife loose her money due to it being in my name? Even looking through my bank history it's not easy to 'prove' its hers as there's no obvious single transaction in the first place.

Thanks for any advice given.

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Bankruptcy, wifes money in my account

I think it's safe to say that as the shares were in your name and the proceeds paid to you the trustee would see the money as legally yours and want it. There are a few areas to explore:

  • I am guessing you are in a debt mangement plan with the CCCS. How much is owed? Is there a full and final settlement deal to be done / negotiated? Here you may offer 40% - 50% of what is owed on the basis that you may be facing bankruptcy. You could tell them a friend is prepared to loan the settlement amount.
  • You need to get some really specialised legal advice on where you stand with money sitting overseas. We will get a knowledgable onside Insolvency Practitioner to give us his opinion as well.

Leave this with us. We'll explore it some more.

Submitted on: 23rd Jan 2009 by TA Member

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Re: Bankruptcy, wifes money in my account

Hello, thanks for the response
Currently I'm evaluating options, its approx 40k I owe. I had the meeting with the CCCS on Monday this week and they recommended bankruptcy, the debt managment plan was another option they put forward. I assume payment plans don't have to be accepted by the creditors hence why they recommended bankruptcy?

Submitted on: 23rd Jan 2009 by Non-Member (not verified) Non-Member

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