Questions you have before making a decision to go Bankrupt and the Bankruptcy process

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#400513 If you have any joint bank accounts with Santander, Llyds, barclays, hsbc.

If the other person whom you have a joint bank account with has a property in their name only.

The other 'non bankrupt' person has a 'remortgage' debt on their property. (they remortgaged their house for some money) -and are paying that off every month.
= Will This be affected? (these funds of the remortgage? )

and you apply going bankrupt, then after months of it being applied what will happen to the 'joint' bank accounts person?

and what could potentially happen to their property? (The are NOT the person on the bankruptcy)

and how can that other persons 'credit file' be affected ?

and will the bank account with them above banks automatically be frozen?
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#401383 The individual who goes bankrupt is the one whose credit file is affected.

If they have any joint debts with the non bankrupt partner or family member then the other person is liable for the whole of the debt - this is called joint and several liability.

Also if you have any financial connection with the non bankrupt eg a mortgage in joint names etc then this connection is noted on their credit file and a creditor can check the other persons credit file and could base a lending decision on that. The non bankrupt could put a note on their file saying that this is the only financial connection and these payments are up to date (if they are).

A bankruptcy notice only goes into the local paper if the bankrupt is self-employed or the OR thinks it is in the public interest which means that it is very rare for an individual's bankruptcy to appear in a newspaper.

If I had a bankrupt partner I would get a single account opened in my own name as possible as I would want control of my own money and to be able to prove it.
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