Bank Account and Bankruptcy

[Luminol]

Hi, I have just a quick question, Ive been pondering Bankruptcy for awhile now none of my debts are secured and are all in my name and prior to me getting married, and what I wanted to know is:

 

1. I have a Joint bank account with my Hubby, no money in it, but would have to get his wages paid in there instead of my current account if I go through with it, so do they remove my name from account or close it down?

 

2. CCJ's are these included when you go Bankrupt?

 

Thanks

Lumi

[stardust_john]

ccj's are included in banruptcy.

 

Another poster informed me recently:)

[palomino]

Your joint account will be closed. Your husband will have to open a sole account in his name.

(Accounts cannot be transferred for various legal and regulatory reasons).

[gizmo111]

Either close or put the joint account into your husbands sole name (you will both have to approach the bank) before bankruptcy so that you ahve no financial association.

How much are your debts?

[Luminol]

mmm my CCJ was for 14k, but RBoS have added interest post Judgement and have taken it upto 19k (I am currently fighting this one.) In addition got a Cabot fishing card through, and have no idea what thats for, so could be anything, I feeling that I need a fresh start, as regardless of what we do the banks and DCA's have there own rules and make up there own legislation and I just feel like Ive had enough! but Ill see how things pan out,

 

Is there a practical dummies guide on this? you know like go get this form fill it in etc, would grateful for any help

 

Thanks for your replies! x

[gizmo111]

More infor here http://www.consumeractiongroup.co.uk/forum/formal-solutions-bankruptcy-administration/56970-insolvency-dealing-debt.html

 

You only seem to have one debt are you sure BR is the best option?

[Luminol]

I know what your saying Gizmo, but depending on whether I can stop RBoS adding post judgement interest (in addition they have refused to let me set up a standing order, probably in the hope i'll miss a payment), that will be the real decider as that has risen by 5k in 3 years and as I have no idea what Cabot are fishing for I'm just checking all options as I feel its best to be prepared. My head a bit like Jelly at the moment!

 

Thanks again

[Luminol]

Just a thought, I read this in the insolvency guide on here:

 

TAX

When you declare bankrupt, you will be put on an NT tax code, which means that you do not pay any tax to the inland revenue for 12 months. The bad news is that you don't get to keep this money, so make sure you don't spend it. Keep it safely set aside as you will be contacted by your Trustee and told to pay it over. Ok, I dont pay tax at all, as I am a stay at home mum and my husband works, I have no income, we get Working Family Tax Credit and Child Tax Credit but thats all, so where would I stand in relation to Tax?

 

4. If you have significant debt, you have no assets to worry about and you are unemployed with no realistic prospects of gaining employment in the foreseeable future, or your employment does not exclude you from declaring bankrupt, then bankruptcy should be a prime consideration.

 

Again I am a stay at home mum, but would they include my Husbands earnings in this whole thing, Im unsure?

 

Any help greatly appreciated

 

Thanks Lumi

[gizmo111]

Just a thought, I read this in the insolvency guide on here:

 

TAX

When you declare bankrupt, you will be put on an NT tax code, which means that you do not pay any tax to the inland revenue for 12 months. The bad news is that you don't get to keep this money, so make sure you don't spend it. Keep it safely set aside as you will be contacted by your Trustee and told to pay it over. Ok, I dont pay tax at all, as I am a stay at home mum and my husband works, I have no income, we get Working Family Tax Credit and Child Tax Credit but thats all, so where would I stand in relation to Tax?

It won't afffect you at all.

 

4. If you have significant debt, you have no assets to worry about and you are unemployed with no realistic prospects of gaining employment in the foreseeable future, or your employment does not exclude you from declaring bankrupt, then bankruptcy should be a prime consideration.

 

Again I am a stay at home mum, but would they include my Husbands earnings in this whole thing, Im unsure?

 

Any help greatly appreciated

 

Thanks Lumi

 

When you submit your budget it will include all your income and contributions to the household. Your income will be zero so they cant take anything off you - they cant ask someone else, even a spouse to pay towrds your IPA.

[Luminol]

Many Thanks Gizmo