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My hubby is going bankrupt will this effect me?


We lost our home nearly 3 years ago now we are renting as this is all we can afford hubby is on payment plans but now wants to go bankrupt because he will never pay the debt off.. the money he owes is all in his name. But I'm worried this will effect me and I have a great credit score. Even thinking of buying a cheap static caravan to use and rent out and pay for it on my credit card but will his bankruptcy effect that.. I'm at my wits end

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Re: My hubby is going bankrupt will this effect me?

It can be difficult to know exactly how bankruptcy may affect someone’s partner in the future but, in general, there are a few things to consider. You may make an application for something that requires joint details and this may make a difference to acceptance or deposit. Tenancy agreements sometimes have a clause about a bankrupt person living in the property. Previous transfers of money or assets between you both may be investigated and if you have any joint financial agreements then your credit file may show some details of your husband financial management. If your husband contacts a free debt adviser and goes through in greater detail they should be able to highlight anything that could cause an impact.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you need further help, Debt Advice Foundation provides a free, confidential helpline and can advise you. Click here to find out more.

 

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