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Posted: Mon Nov 24, 2008 3:33 pm
by tonyv
My creditors meeting is Friday.
My debt is 100K. My partner has savings of 40K, butdoes not work to look afterour3children. She will not help me any more financially. Will her savings be at risk?
Posted: Mon Nov 24, 2008 3:47 pm
by kallis3
Your partner, I presume, is not taking out an IVA? Are any of your unsecured debts joint ones?
Posted: Mon Nov 24, 2008 3:54 pm
by Michael Peoples
Hi Tony.
First of all good luck with your creditor's meeting and hopefully your problems will be resolved.
As to your question a creditor may enquire where your partner got her savings from in particular as she does not work. If the money is plainly hers e.g she inherited it, then your creditors cannot touch it in bankruptcy. However, in an IVA creditors may request some of the money as a condition of acceptance but your IP should be able to advise you if that should happen.
Posted: Mon Nov 24, 2008 4:01 pm
by Viki.W
Hey tonyv, good luck for Friday, please let us know how you get on. X
Posted: Mon Nov 24, 2008 4:06 pm
by kallis3
Good luck from me too.
Posted: Mon Nov 24, 2008 4:19 pm
by tonyv
Hi Kallis3
The IVA is in my sole name. None of the debts are joint.
My partner and I received proceeds from former house sale. Over the past couple of years I used mine to repay debt. My partner would not use her share and she removed from joint savings account.
Posted: Mon Nov 24, 2008 4:26 pm
by kallis3
I would read what Michael has said about the creditors possibly requesting some of the money. I would query it with your IP if you haven't already done so.