Have been to see a solicitor regarding the shortfall from the Bristol and West who asked if my husband has considered bankcruptcy. He has no assets to sell. I'm worried that as we are married that this will include me and my earnings as well.

-- Kate (katesoper@supanet.com), August 25, 2001

Answers

Didn't the solicitor talk this through with you?

-- E Scott (eleanor.scott@btinternet.com), August 25, 2001.

Kate get another solicitor - this one clearly has NO clue as to your true options. There are differing legal opinions as to whether your assets can be included in any proceedings. The Lender can apply to include your income in any assessment of ability to pay, but since I went through this hoop a few years ago, I understand that bankruptcy proceedings (a separate issue entirely) will not affect you where the property included in your husband's list of assets (ie goods and chattels) is not of joint and several ownership..hint hint.

The Official Receiver can (and does) take everything - Hi Fi's, TV's, car etc. If these items are *yours* and not your husband's, then he must not and should not list them.

All that said, I don't think you should even consider bankruptcy as an option. From your previous posts, I would fight this tooth and nail and don't let them back you into a corner and stymie you financially for years to come. They have to prove the debt and take many more steps before it comes to pay-up time, and I would guess that they will accept a much much lower settlement figure anyway. You live in HA property and have no significant assets - what can they do to you really? I know it's stressful hassle but I'd call their bluff...your SARN's may yet turn something up. Had I had the info on this site years ago I would have fought harder than I did - which was pretty hard considering I had no resources to draw on at the time! B&W are trying to scare you into admitting liability as someone else said on another thread. Just make sure *your* name appears on no letters, documentation or anything and that any correspondence regarding this matter is signed by your husband, copied and sent recorded delivery.

-- Too scared to say (iwasduped@yahoo.com), August 25, 2001.

when all of our trouble started we considered bankruptcy and went to the courts to see about it and we were advised that if this is the only large debt then not to consider it.the last thing u really want to do is bankrupt yourselves u cant have passports and it will dog u for years.Just fight them all the way and if u really want to, get your husband to sell you his belongings for a £1 and get a reciept :)

-- wendy (wendy.jane@ntlworld.com), August 25, 2001.

What, if you are made bankrupt you can't have a passport? The court will take away your TV? What utter rot. My mate went bankrupt and the bankruptcy court got him to complete an income, assets and expenditure statement. He swore it before a solicitor and they told him that he would be discharged in three years time. Bye, and have a nice life. My mate did not have any assets of mention, his income was low and his debts were very high. He did not have a mortgage and was living in rented housing. His car was a wreck and nobody was interested in it. He had no further contact from the court at all. After three years he applied for a copy of his discharge document and it was sent by return. TV's, passports? What on earth are you talking about? My mate then did a silly and took out a mortgage two years after discharge without any problems, but he did not tell the bank he had been bankrupt in the past. When he sold this house at a modest profit to buy another home the bank offered him a new mortgage and cancelled it on the day of the sale. They were annoyed that he had not told them he had been bankrupt. After a further year another bank loaned him the money to buy a house, no problems. Going bankrupt is drastic, its the final option to resolve all your financial problems, but if you owe too much and can't pay then it may be the only option. Talk to the CAB who will arrange for an impartial review of your finances. The CAB will also advise on the downside aspects of going bankrupt which must be considered against having a good nights kip. Going bankrupt is certainly not the end of the world. My mate now owns a business, employs ten people and has a turnover of £2m a year. The situation is a lot more complicated if you have a house with equity, if you have young children, if you pay maintenance, and if you own a brand new BMW, etc, etc, but the CAB can advise you on this. Good luck.

-- anon (i.hate.abbey.national@another.com), August 27, 2001.

Precisely "Anon", they can't get what you haven't got - as your anecdotal evidence about your "mate" suggests, but they can and do take what you have, if you have an asset worth selling. The TV etc just gets added to the list. The OR is duty bound to attempt to satisfy debts by a "fair and equitable" distribution of the bankrupts realised assets, where they exist. Yes, the "passport" poster is wrong. There is nothing to stop you holding a passport.

-- Too scared to say (iwasduped@yahoo.com), August 27, 2001.

I think that this is a lot of hot air by some solicitor too lazy to work for their money.The longer i have worked with solicitors the less respect I have for the majority of them.You can fight this one easily yourself read the Q&As on the page and take notes,then give the lender a solid broadside of SARNS etc and make them prove the debt,sack the solicitor and don't pay the bill.A solicitor has very littl actual power and only offers expensive opinions.

-- roger watts (rwatts.homeloans@virgin.net), August 29, 2001.