Bankruptcy and Joint Accounts

Doubt anyone here is qualified to comment on this , you need to speak to an insolvency practitioner tomorrow 

Ask stepchange. I am sure they can advice you.

Best

C

Hello EO and Welcome

My best advice is you can't let it make you ill with worry. 

I don't know your financial circumstances or joint ownership of property for example.

My best advice is you have to take the fear out of it, not panic and deal with it as calmly as you can. It's a regulated mechanism to allow all parties to try and sort things out. Don't panic about the B word as many people go through it. Fear and panic won't help so with knowledge you will gain strength to deal with something that isn't your fault

The main issue is large assets the obvious ones being a house or car

You need some legal advice to see what you maybe liable for. Do not sell small items to cover large debts....its pointless

What you can do for peace of mind is protect any sentimental items but there is a lot of paperwork before the courts try recovery

You are allowed a living allowance and the creditors are well aware that you may not be able to pay it back beyond a small token payment.

Again I don't know your finances or liability so places like the citizens advice bureau are a good place to start getting advice.

Best wishes

@givemethebuzz Thanks. 

@c43h Thank you. I will get further advice from them. 

@joydivider thank you ….. you’re right, no need to panic (just yet!!). I will gain knowledge, process and not react unnecessarily. Much appreciated.