My partner is paying off my debt from bankruptcy

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m1c

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Post by m1c » Wed Jul 04, 2007 8:00 am
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My partner is paying off my debt from my bankruptcy can she include this in an IVA & why is she being forced to pay?
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ivoriva

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Post by ivoriva » Wed Jul 04, 2007 8:40 am
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If the debt was taken jointly or your partner acted as a guarantor the creditor can pursue the other party for the full amount if they arent part of the BR proceedings. If your partner is insolvent, and has a regular income, & meets the general acceptance criteria for an IVA then their liability for the debts could be included in a IVA under thier name.

Secured debts arent normally included within BR.... they will still need paying by someone or by the release of the asset on which they were secured.
Last edited by ivoriva on Wed Jul 04, 2007 8:41 am, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Wed Jul 04, 2007 10:06 am
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Why is your partner paying off your debt from your bankruptcy? The liability for your debts in bankruptcy is removed from you at the date of the bankruptcy order. If however, as Ivor suggests, there is a joint liability, then this should be included in your partner's IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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m1c

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Post by m1c » Wed Jul 04, 2007 6:38 pm
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Thank you for your reply. The debt was in my name and the funds werentransferred to my partmer to pay for our wedding. My partner was informed that as the debt was transferred to her before the bankruptcy she then becomes liable to pay the debt and it has been excluded from my bankruptcy. Is this correct?
If this is where does she stand legally with this debt and will it be allowed to be included in a IVA ?

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MelanieGiles

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Post by MelanieGiles » Wed Jul 04, 2007 6:40 pm
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Do you mean that you legally assigned this debt to your partner prior to your bankruptcy and that it is now in her name? If so the debt is now hers and should be included in her IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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m1c

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Post by m1c » Wed Jul 04, 2007 7:36 pm
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I took out a loan in sole name. I tranferred the funds to my partners bank account so that she could write out some cheques as I did not have a cheque book.

The trustee has said that this transfer of funds makes her liable for my debt. Is she liable for the debt?

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MelanieGiles

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Post by MelanieGiles » Wed Jul 04, 2007 10:31 pm
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No I really do not think that this does make your partner liable for the debt. But take proper legal advice, as mine is only an opinion. Storm - what do you think? Is there any argument of a trust here?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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