I personally owe £40k of unsecured debt (personal loans and credit cards).
At the moment, I have not defaulted on any payments to anyone. When my work situation changes in the next couple of months, I will no longer be able to pay the unsecured debt repayments each month.
I jointly own a home with my wife (50/50), with a joint mortgage, with £120k outstanding. At the absolute most, the house is now worth £140k.
So, if I go bankrupt, I understand the following is the most likely scenario:
1) My house (which I really want to keep if possible) will be looked at by the OR and they will ask my wife to buy my share of the equity, which, based on the above figures, should be a max of £10k. That is all the OR can do as my wife is NOT going bankrupt. They cannot reposses the house and they can only force me to sell it if my wife cannot raise the money to buy my share of the equity.
2) I do not have to inform my employer I'm bankrupt as I work as an engineer for BT, not handling any money etc and it isn't written into my contract that I have to disclose it.
3) I have no other assets other than a car which is worth approx £300. The OR will probably not ask me to sell this as it is necessary for me to get to work and back, and it isn't really worth any money.
4) I currently have a joint bank account with my wife, from which all the bills including the mortgage are paid from. I understand this account will be frozen and my wife will need to open a new account and I can transfer all the bills and direct debits to that account. The bills cannot remain in my name (electric, gas, water, mortgage, insurance etc.) and they will need to be put into my wife's name and the account they are taken from will need to be in my wife's name.
I realise there's a lot of questions there but I'd appreciate anybody's comments.
Thanks again for your time and help, Dan