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

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Bynetterogers
#4751 my husband is going to go bankcrupt, now he is 18,000 in debts from credit cards a loan to consolidate the credit cards and more credit cards for balance transfers ,its just all gone wrong somewhere, anyway he is the main cardholder but i am a second cardholder does this mean i will have to go bankcrupt too. i also have a credit card of my own in my name only, but its with the company that my husband has his loan with , will that be effected too, we also have a car but thats in my name will i be able to keep that too. i look forward to any advise as i will not be sleeping as sleep is a thing of the past now.

nette
ByVanessa
#4753 You can sleep - I remember what it's like. In a nutshell, your husband ( and only your husband ) is solely liable for any debts in his name only. You can be held liable for anyjoint loans / credit agreements as you have 'joint and several liability' - if one of you cant pay, or becomes bankrupt for example, the other one can be made to.

Whether you would be held liable for the card account on which you are a second cardholder depends on the agreement you signed - it is unlikely that you would be held liable for debts incurred by him.

You would not be made bankrupt, or have ( your ) assets taken away, just because you have finances in common with him.
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ByJaneClack
#4767 Vanessa is right.

It is highly unlikely as a second card holder that you would be responsible - there are very few agreements like this.
Bynetterogers
#4784 cheers thanks for that i might sleep now

what about the credit card i have in my name only but ( its with the same company has my husband has a loan with) does the bankrupcy go on the person or the address?


we are going dowm to the citizens advive tommorrow afternoon well find out more then .


nette
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ByJaneClack
#4789 A person goes bankrupt. Not an address. Your debts still have to be paid as they are not included in your husand's bankruptcy.
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