Hi All,
This is my first ever post because me and my husband are thinking about going down the bankruptcy route.
To start the credit cards are in my husband's name, the only thing I am named on is the joint account which will be removed if we go through bankruptcy. We have £40K of debt on different credit cards and have done balance transfers as you do when you think you can manage things. I was also temporarily unemployed for 3 years due to suffering with depression and anxiety so we did not have 2 wages coming through. Due to my anxiety and depression we overspent and lived beyond our means. We are looking to do UK bankruptcy from abroad in the USA as we are moving back to my home country to live with family temporarily until we get on our feet again. My questions are:
1. Would it be best if we filed bankruptcy before or after we move abroad and if we moved abroad would my husband's bankruptcy affect him getting any credit in the future in the united states? I was reading somewhere that the bankruptcy only affects him in the UK
2. Due to the reasons for going bankrupt would my husband be declined bankruptcy and since we are going abroad and he wont have employment what is the official receiver's stance on this?
3. Is bankruptcy straightforward in that it takes the 28 days for them to make a decision or would we need to keep in contact with the OR if circumstances change and provide them with evidence?
4. what would they class as unreasonably extravagant, I know we lived beyond our means but we didn't spend thousands all in one go and we have been making monthly payments every month on the credit card. by living beyond our means I mean not keeping a weekly food shopping budget, once in a while holidays, and due to my depression retail therapy. I am worried if my husband receives a bankruptcy order of 2 -15 years like it has mentioned on various websites.
5. Will I be affected my the bankruptcy since everything is in my husband's name, I know I wont be but just double checking. I will be opening my own bank account in my own name
Any advice would be greatly appreciated.
4.