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My Husband Is Going Bankrupt Do I Need To Go Bankrupt As Well?
Question:
Can my husband go bankrupt on his own if we jointly own our home as i don’t want too.
If i jointly owe the house with my husband and most of the debt’s are in his name do i have to go bankrupt with him.
Answer:
If you have jointly held debts and your husband goes bankrupt, those debts will become your sole responsibility.
If you can afford to pay them, you do not need to go bankrupt as well.
In bankruptcy any assets your husband has will be viewed, if he has property with you and there is equity in the property it can be an issue as his half of that equity could be taken to be paid into the bankruptcy.
The Official Receiver could allow you to buy-out that portion of equity, however if you cannot then the property could be sold and they would give you your half of any equity.
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If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.
Source: My Husband Is Going Bankrupt Do I Need To Go Bankrupt As Well?