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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Hi, I need advice on going bankrupt as I can no longer afford

Customer Question

Hi, I need advice on going bankrupt as I can no longer afford to pay my debt. (£50K+ on credit cards and about £5K on overdraft)
My question is:
Can the lenders touch my partner's financial assets? We have been living together for 12+ years. He owns a business which he started this year. I have paid for about £7K worth of stock / other on my credit card related to his business. He has paid me back monthly since, however it is no longer viable. He also owns a flat which is in his name. Furthermore we have a joint account together. I am worried that if I file for bankruptcy the lenders might go as far as taking his assets to pay for the debt. Can this happen? Or can I prevent this from happening?
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.

No, your partner's assets which are in his name only are his and will not be affected by your bankruptcy.

However, the joint account will be affected as it has your name on it as well and the official receiver/trustee in bankruptcy will decide how much from the bank account should be taken and how much should be left for your partner.

You may want to consider closing the account of removing your name from it before filing for bankruptcy.

May I help further?

Customer: replied 3 years ago.

That is good news indeed. Would you recommend getting legal help going bankrupt or is it a relatively straightforward process one can manage with online government assistant / guidance?

Expert:  UKSolicitorJA replied 3 years ago.
You are welcome.

You may do it yourself if you understand the process and its implications, otherwise you may want to get help with the process.

All the best