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Hi, welcome to JA, I amCustomerone of legal experts here.
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Money that is held in your personal savings, will become part of the bankruptcy estate and used to make payment towards your creditors. As such, if the money is held in your account there is every likelihood that it would be sucked into bankruptcy proceedings. Money held solely by your spouse may not be part of proceedings. However, if money is deemed to have been transferred to spouse in order to evade bankruptcy proceedings then this may become part of the proceedings. So, for example, it would not be advisable to make a large one off transfer to your spouse as this could raise suspicions.
Can I clarify anything for you? I hope I have answered your query in a way that is simple and easy to understand. If anything remains unclear, I will be more than happy to clarify it for you. In the meantime, thank you once again for using our services.
Please note the following responses:
1. yes you may use the savings amassed.
2. Money held by husband in ISA in his sole name would be outside bankruptcy proceedings in relation to you.
3. I suppose you have stated the personal implication which is credit rating. This is likely to be the case for at least three years. This may also affect such things as, bank accounts you may open with a bank. It does. To fetch employment so much unless your job relates to finances or is link to you having a particular credit in order to be considered for the role.
You are welcome