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Will my savings and assets be affected if my partner goes bankrupt. we live together.

9 years ago - Posted by

Me and my partner live together and are not married. He may have to bankrupt as he has lost his job. My wages will just cover our rent and utilities and my own loan repayment. I want to know if my savings of £1000 will be affected if he goes bankrupt . I also have a yacht worth about £20k which I purchased half with my own money from the sale of a house i solely owned and the other half was funded by a personal loan in my sole name again funded by my own wages and I can prove all of this with statements etc.My partners debts are from before we met and I want to know if my possessions will be affected by his bankruptcy. The payments he currently makes only just cover the interest he has about 10k owing on a high rate credit card. He has previously approached his creditors to ask them to transfer the borrowing to a lower rate loan so the capital owing would start to come down, but they refused. I would be grateful for any advice you can give. Thank you

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8 Answers

TAD Member

9 years ago

Take a look at this page it will tell you lot of things you need to know it’s from the Government website https://www.gov.uk/bankruptcy/your-assets.

TAD Member

9 years ago

Hey! If your partner had declare bankruptcy, Maybe your assets and savings will not be affected depending on the declaration of bankruptcy she/he made.

TAD Member

9 years ago

My husband has a personal tax bill which was acrued when working for himself during a period of no work.

IR is now trying to take furniture from our house, which I (wife) paid for, I cannot currently prove I did as the furniture is over ten years old and I no longer have receipts.

How can the IR take things from someone who has not purchased them in the first place.

Any advice welcome

TAD Member

9 years ago

My sister is ending a 12 year relationship..they are not married. They had a property jointly owned, from which he ran a business (not in her name). They co-own the property they are living in, and she has another home which my parents live in where she alone pays the mortgage. Her ex partner has just gone bankrupt on the business property, the house they live in, all his personal debts including a large amount to Revenue Canada. The house they live in is being repossessed, the business property has already been repo’d but not sold yet. The lender has told her that since the ex has gone bust.. she alone is responsible for whatever is left owing on both properties and his tax arrears, and that they will be put onto the other property she owns. They had an offer to purchase the house they currently live in, but the lender refused to allow it to be released for sale, thus preventing the sale.She cannot go bankrupt as she would have to pay such a large amount that she could not keep the home our parents live in, and that she is moving into now that they have split. Any ideas what she can do? She would not be able to sell that house for enough money to cover all the debts he has left her with. His name was not on that mortgage at all.

TAD Member

9 years ago

I’ve been on a Debt Management Plan for a couple of years (23k debt), things were going ok, ive been keeping on top of payments until now, my girlfriends meternety pay has come to an end so we are now just living on my income, i have just received a large vat and tax bill (11k) left over from a business i had to close at the start of the year, this has pushed me beyond breaking point. I have been advised that bankruptcy might be my best option. My girlfriend has some savings from before we met, she has never been in debt. How will my bankruptcy affect her?? We don’t have any joint assets but she was going to sell her car as we cant afford to run two cars and i was going to sign my car over to her because that will make our insurance more affordable (she has more years of no claims) and needs it more than i do. Would this also be a problem if i go Bankrupt??

Any advice would be great.

TAD Member

9 years ago

If he decides to become bankrupt, once discharged he’ll be free to build his credit rating again. Bankrutcy says on your credit file for 6 years and will will be hard and / or expensive to get a mortgage during this time. Getting a bank account is difficult once you are made bankrupt. We hear that Barclays and Coop are good places to open basic accounts before you go bankrupt as they may not close them once bankruptcy happens. This information is yet to be verified. You can turn your bank account into your account only. Just because your loan goes into a joint account doesn’t make half of the money your partners. You should be OK. Good luck.

TAD Member

9 years ago

Thank you, he wants to go bankrupt because he is sick of the headache of only treading water with his debts and especially after telling the creditiors he was in difficulty he still was not helped. He wants a clean slate and I dont blame him as with all the hefty monthly repayments finding somewhere decent to rent is difficult let alone affording a mortgage. How long after babkruptcy will he be allowed a mortgage, or will it have to be in my name?. He didnt lose his job in the end but has gone on to reduced hours but he still wont be able to meet the payments. As I said I can prove that my assets are my own, my partner has not contributed to them. My only concern now following on from what you said in your reply is that we do have a joint bank account both of our wages go in it, From this account I transferred my loan repayment for the yacht, would this be classed as him making a contribution? as my wages easily cover the payments. The loan is only in my name. We understand that the joint account will have to close if he goes bankrupt, and we both have sole accounts with other banks so we can use them.

TAD Member

9 years ago

Your possession are yours so don’t be concearned. Worst case is your partner faces bankruptcy and the trustee looks for evidence of a contribution towards you assests and by the looks of things there is none.

On a more positive note it sounds like a simple debt management plan may be the answer. If you want help finding someone who could organise this go to the best advisors page and complete the form. They are quick to arrange and will usually get your creditors of your back quickly.

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