Hi Chris, I might of talked to you on this subject previously but need more clarity.
After reading the NZ Insolvency website concerning bankruptcy I have seen a section where the partner/spouse can be approached to pay the debt. It does note that the assets have to be jointly owned but how do they determine this? Could you advice of what to expect once I declare bankruptcy ie will they need to see my bank statements for the next three years, or payslip etc?
We bought a house two and a half years ago but the house and mortgage agreement is in her name. So I take it that this qualifies as an asset owned soley by her? What about the process itself, am I to submit details of my financial standing on an ongoing basis for three years?
My wife hated the fact that as I had been travelling around the world for a number of years, I hadn't built up any credit rating and as such it would of affected her credit rating. And for situations like this. She did not want to be vunerable if we were to separate and not be without a house. As for the house ownership, how do I prove that it doesn't actually belong to me? do I have to submit legal documents?
Will/Can they will ask to see my wifes bank accounts too?
I paid for absolutely nothing to ensure that I could not claim anything on the house if we were to separate. I even signed a prenuptial agreement on the day of my marriage.
Sorry just read your question again, do you mean do I currently pay half the household expenses ie energy bills, groceries, my childs school fees then the answer is yes
but I don't pay anything towards boarding here
ok hopefully I can find it. How long will the process take for being official declared bankrupt and as above, will I need to continuously update NZ insolvency with my financials?
ok, there are some other questions but being 1am I shall leave them here for you to view in the morning, cheers Chris