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Does Being Disabled Protect Us In Bankruptcy?

Question: Husband and wife living in property with low mortgage. Deed is tenants in common. Husband quadriplegic runs home based ebay business and receives Disability Living Allowance, wife receives carer allowance as full time carer. New car on mobility scheme. Debts on credit cards used for business purchases exceed 70k and minimum payment not always possible. No other income and unable to get any kind of loans. Business still running and debts accumulating

If my Husband is no longer able to make payments on credit card debts in his name and is forced into bankruptcy, are we both liable for the debt and can we be made to sell the property to use the equity if he’s disabled, as there are only 2 of us and, technically we could move into a smaller assisted living facility or does the disability protect us?

Answer: If you have joint debts and one of you go bankrupt, then the other person will be responsible for the debt.

Any property you have will be looked at in bankruptcy and could be sold/liquidated to be paid into the bankruptcy.

Just because you are disabled does not protect you in bankruptcy.

Regards,

Jon

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Speak To An Expert By Telephone

Are you considering bankruptcy, have a pressing debt or credit issue, are bailiffs threatening, are you being chased for payment, is your spouse or partner considering bankruptcy and you are worried about how this will affect you, do you own property and are in debt?

Are you already bankrupt and wondering what will happen next, or is your bankruptcy over and you want to re-build your credit standing?

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Many times I have heard from people who made the decision to go bankrupt or enter into an IVA, only to find what they had chosen was wrong for them.

If only I had known…had this been explained to me…no one told me that…it wasn't my debt how can I lose my house…they had the debt before we met…I never knew I could do that.

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