bankruptcy

[123bernadett]

if my husband goes bankrupt how does it affect me? we have a joint mortgage

[themas]

Because you are married you will usually be assumed to have financial links (the joint mortgage creates one), so may very well have trouble getting credit.

Unless your husband's beneficial interest in the house (the value of his share of the equity) can be bought out by you or a relative or friend, the house will have to be sold and your husband's share of the equity will go towards paying off his creditors.

The Official Receiver might expect your husband's statement of affairs (income and expenditure) to be based on the finances of the whole family, and not just his own finances. If you are working and contributing to the finances this might adversely affect the overall position, because it might result in larger payments having to be made to creditors than would be the case if only your husband's income was considered.

Look at the Insolvency Service site for more details, &/or post on the "ask the expert" section of www.debtquestions.co.uk