Author Topic: Advice Need On Bankruptcy But I Rely On Wife's Earnings  (Read 1990 times)

xtremx

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Advice Need On Bankruptcy But I Rely On Wife's Earnings
« on: Mar 22, 2013, 02:40:39 PM »
Hello I'm having to look into Bankruptcy
 
I owe around £14000 and I have so far been able to make the minimum repayments on all my credit cards and store cards.
But my marriage is in the mist of breakdown and the stress of debt is taking it toll. I got into debt via online gambling which was my release a few years ago Due to mental illness I was suffering from and still do suffer from Panic Disorder, Agoraphobia, Ocd and Mild Depression.
At the moment I don't work so I'm a house-husband. So the only income is my wife's part-time wages 24hours and working tax credit and child tax credit and also child Benefit.
 
My wife has a few credit cards in her name and all the household bills are in her name ie: Sky digital, Dfs, Internet & Phone, Mobile phone and she has to pay them as they are in contract.
 
My bills are my credit cards and catalogues and also my mobile phone (I need my phone due to my Mental Health needing to contact home and helplines also internet anxiety forums).
 
But or marriage is all but over but we still have to be together for awhile due to our 2 kids.
 
So if I go bankrupt how would that effect my wife and kids and her income and her bills

lisalou200

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Re: Advice Need On Bankruptcy But I Rely On Wife's Earnings
« Reply #1 on: May 28, 2013, 10:48:55 AM »
Hi,
I realise your post was some time ago so not sure where you are up to now. I would just like to sympathise with your and your wife's situation.  My partner had a severe gambling addiction which led to his business bankruptcy and haseventually led to my personal bankruptcy. We werent married but have 2 children together.
I was the one in a position to grit credit and had to do so to compensate for the loss of money from my family home.my partner and i split last year and quite frankly it was the best thing i have ever done making him go. He is now a regular attender of gamblers anonymous and has turned his life around at the prospect of losing his family for good.  We are hopefully coming back together again.  You need to get control of your gambling addiction if not to amend things with your wife, do it for your children.  I think if you are married your bankruptcy will effect your wife.  But youwill probably find your gambling addiction is to blame for a lot of the financial problems and marriage breakdown not the finances themselves.  Have also learnt through being through an incredibly difficulttime that i do have the strength to go it alone with my children if i have too. The ball is firmly in your court
Good luck
X

James Falla

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Re: Advice Need On Bankruptcy But I Rely On Wife's Earnings
« Reply #2 on: Jun 10, 2013, 06:42:10 PM »
Hi xtremx
 
If you were to go bankrupt, then this would not affect your wife. She would not become liable for any of your debts and would not have to make payments towards them. You would only have to make payments towards your debt if you yourself have any non benefit income. If this is not the case then it is likely you will pay nothing more towards your debt than the court fee.
 
If you owe less than £15k have you considered a Debt Relief Order. This is similar to bankruptcy in terms of writing off your debt but costs far less to implement - £90 compared to £525 for bankruptcy if you are on a low income.
Debt Expert & Author
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