question category: Bankruptcy

what happens to joint loans?
Submitted on: 4th Feb 2009 by Non-Member | Total Answers: 2

I have a joint loan with my wife and i am considering going bankrupt, i have much more debt than her. What will happen with the joint loan?

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What happens to joint loans?

Darren is right, your wife will be liable for the debt. It's worth getting expert advice.

Submitted on: 4th Feb 2009 by TA Member

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Re: what happens to joint loans?

A loan in joint names is known as being joint and severally liable. This means that either of you owes the debt.

If you go bankrupt, the whole of the unpaid loan will fall on your spouse.

Submitted on: 4th Feb 2009 by Darren Member

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