my ex wife left me with a large sum of her debt i am supposed to pay it how do i go about bankrupcty and what are the disadvantages
2006-10-21 06:35:49 · 10 answers · asked by adrian c 1 in Business & Finance ➔ Personal Finance
Have a look at the site below for all the info and copies of the necessary forms.
2006-10-21 09:11:26 · answer #1 · answered by CeeVee 3 · 0⤊ 0⤋
Adrian, You need to ask yourself a few questions before you go ahead and file for bankruptcy. 1.Is this the one and only way out of this problem? 2.If there was another way of getting out of this debt what would it be? 3.What if I talked to my creditors and tell them whats happened and arrange an affordable repayment scheme. 4. What can I do to increase my monthly income and have an extra amount of money coming in to my account?
Try and find positive answers to these questions because bankruptcy is not the key to getting rid of all your troubles. In the UK if you declare bankruptcy , they say it will be cleared within five or six years time but take it from me because I work for a bank, it is going to stay on your record for the rest of your life. It will affect you when applying for credit in the future. You will have to pay huge interest rates, and thats for the rest of your life not for the first five years. Well soon after your declaration your bank will even close your accounts, take away all your facilities such as debit cards cheque books , you will only end up with a simple cash card...
But Adrian, you know your situation best, and you know what suits you best, if this debt is in anyway, threatening your life..go ahead mate talk to the citizens advice bureau they will guide you... but let that be your last resort as I personally will not recommend bankruptcy for anybody.
Good luck ,whatever you decide to do
2006-10-21 07:40:30 · answer #2 · answered by Olderwiser 4 · 0⤊ 0⤋
You can either hire an attorney (which will cost) to file the bankruptcy for you. Which also comes with legal advise etc. Or you can go to your local court house and obtain the necessary forms to file yourself. Just be careful because the filing laws are different now days. Most are that it relieves you of debt now but over time you will have to pay back your debts. Doing this keeps creditors off your back. Unfortunately, filing bankruptcy will go on your credit and look negative for 7-10 years however, with new laws showing that you are paying back many creditors are forgiving of your pass debts and respect you are paying things back.
2006-10-21 06:43:10 · answer #3 · answered by cutetoes68 1 · 0⤊ 0⤋
Before you do this - it's a big step with many repurcussions - see if you can talk to the people who monies are owed to in order to see if terms of payment can be agreed. Secondly, "her debt" - speak to a solicitor or the citizens advice bureau for advice on this, you may be able to prove she is liable for some of the total owed.
http://www.clearstart.org/bankruptcy-process.php will give you details of the petition process. It will cost £370 to get a petition through court, and will affect (I think for six years), your ability to get credit, bank accounts and other money related profucts.
Look at all other roads first - this is a serious decision to be making.
2006-10-21 06:42:58 · answer #4 · answered by nert 4 · 0⤊ 0⤋
In the UK,you need to contact the insolvency service.
A chap that I know was in a similar position,his wife left him with thousands of pounds of debts.
Because he wanted to "make his-self bankrupt",he had to pay a small amount of money.
He had no money.
He could not become bankrupt.
He was forced to leave it to his creditors to carry out the kind act for him.
The only good thing about bankruptcy is that after a short time,you are free from debt.
2006-10-21 06:43:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Adrian, going bankrupt does not carry the same stigma nowadays as it used to a number of years ago. New regulation allows people to receive a discharged bankrupt certificate after just one year.
It is only during the first year after bankruptcy that is difficult.
See the Citizens Advice Bureau but you will need to apply to the courts and apply for bankrutcy.
2006-10-21 08:20:30 · answer #6 · answered by Anonymous · 0⤊ 1⤋
WHEN YOU SAY YOUR EX WIFE LEFT YOU A DEBT WAS IT IN YOUR NAME IF NOT SHE IS RESPONSIBLE FOR HALF THE DEBTS AND IF YOU GO BANKRUPT YOU THEY WILL CHASE HER SO THINK ABOUT THIS SERIOUSLY ANY DEBTS THATS JOINT SIGNED DOES NOT MEAN THEY ARE WRITTEN OFF I WOULD SAY ADD TO THIS QUESTION WITH SOME MORE FACTS AND I WILL ADVISE YOU ON THE BEST COURSE OF ACTION AND FROM WHAT YOU SAY ITS HER DEBT SO WHY YOU PAYING IT SEND THEM TO HER NEW ADDRESS AND LET HER SORT IT GOOD LUCK
2006-10-24 07:42:18 · answer #7 · answered by tonyinspain 5 · 0⤊ 0⤋
That would be a question for a lawyer.
Just discussing the benefits and disadvantages should be free with a lawyer.
2006-10-21 06:41:20 · answer #8 · answered by DaMan 5 · 0⤊ 1⤋
Go to the bank
2006-10-21 06:39:42 · answer #9 · answered by rachgre 1 · 0⤊ 2⤋
get an attorny! if your smart?
2006-10-21 06:42:52 · answer #10 · answered by belfiglioval 2 · 0⤊ 1⤋