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

Moderators: TalbotWoods, JaneClack

By Lolly47
#2728 Hi hope someone can help me!! I have managed to get myself in debt about 65k and found loads of help on these pages ty....but, i divorced 9 yrs ago and the joint account we had i still use, (its still in joint names) my maintainence is paid in each week but ex hubby doesnt know that he is still named on account! What will happen if i declare myself bankrupt?? Any help plzzzzzz....
#2729 Hello

Sarah or Nicky or someone else will probably be able to advise you better but:

- Is the account overdrawn? If not, then you could close it (might need a signature from ex) if there are no debts connected with it then it shouldn't effect him.
You could temporarily open a new basic bank account to use for the time being.

- If the account is overdrawn, as last resort could you transfer the balance to say another credit card? (wouldn't usually recommend this but if you're going to go B anyway....?)
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By Nicky
#2730 SadnSkint has answered correctly.

Before thinking about petitioning for your bankruptcy, I would sort out the account first. If the account is overdrawn, you will both be liable for the repayments, it is probably fair to say, the bank will pursue your ex for the amount outstanding if you go bankrupt (this is if the account it overdrawn) If the account is in credit, it would make sense to split the money in an agreeable manner and close the account. You can open a new account, but it is possible a new account could be closed once you are bankrupt. At least if you do have your own account, your ex wont find out about your bankruptcy.

You would of course just need to transfer your payments into the account to wherever you choose to place your income, including any direct debits you have and benefits and maintenance.
By Lolly47
#2732 hi..ty for replies, the account is overdrawn to the limit of £500 and he doesn't even know i still have it running, i dont want him to find out...I also have a personal loan on this account as well 9k, but in my name only...any more suggestions plzzzz :(
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By Nicky
#2735 Well, in that case, the only way he wouldnt be able to find out is if you clear the overdraft and then close the account. Otherwise, as I said, if you go bankrupt, they will chase him for the money.

As far as your accounts in your name, this has no connection with your ex, the bank will not request the money from him as long as they are in your name only.
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By JaneClack
#2742 Just one caveat - if the loan is being taken from the joint account - and has been done from the start - they will continue to take it from there so they would not allow you to close the account! This means that unless you make the monthly loan payment, clear the overdraft and go bankrupt immediately it will go overdrawn again - so timing is of the essence here. The bank has the right of offset which means they can use money in accounts you have to pay amounts you owe them. The bank cannot chase your ex for the loan payments but could for an remaining overdraft and legally you could not pay this after bankruptcy.

After all is said and done though - you have done nothing wrong - remember this! Maintenance is paid in there and he did not make the effort to remove his name! :wink: