Married Couple, only 1 going bankrupt, question about family home and RLE

S

strapped_4_cash

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Hi,

I have a large unsecured debt and I am looking for some advice about declaring myself bankrupt.
Due to the coronavirus I am currently on the PUP (€350) and my job is not certain to come back.
My wife works full time and our family home is in her name only.
If I declare myself bankrupt can they take money from her wages and how will the RLE's be calculated?
What is the situation regarding the family home if it is in her name only?
Any advice will be very welcome, this is creating a big strain on our marriage at the moment.

Thanks
 
Surely if the OP and not his wife is going bankrupt and the home is in the wife's name only there is no claim against it.
 
Thanks Thirsty.

The family home is an asset like any other in bankruptcy.

In a jointly owned home, half the equity vests in the Official Assignee.

Not sure what happens if it's in her sole name.

Best to talk to an insolvency practitioner.

Brendan
 
Presumably the house has always been in your wife’s name and not transferred from joint ownership or your ownership, which may change things.
 
Google "reasonable living expenses ISI" and you will be taken to the RLE page on ISI which will answer all of your queries about RLEs.

Your wife's income cannot be attacked in your bankruptcy.

If the family home was always in your wife's name then it is protected.

Regards

Jim Stafford
 
Hi,

Thanks for all the reply's.
The family home has always been in my wife's name only. so hopefully it will be fully protected if I decide to go bankrupt.
I'm glad to hear that her income cannot be attacked if I go bankrupt, that's a weight off my mind.
Does anybody know roughly what type of money would an insolvency practitioner charge to deal with this?

Thanks
 
I went bankrupt and was released this year. Feel free to pm me for info and or support/advice.
 
Hi Paul

While it's ok to correspond by PM, a lot of people might well benefit from a public post.

Could you do something along these lines:

Key Post - Discharged from bankruptcy-My experience.

It is now two months since my wife and I were discharged from bankruptcy and having gone through the last eight years of trying to avoid registered letters, solicitors demands and numerous 'phone calls from all and sundry, it was really pleasant to have a Christmas without worrying about what...
www.askaboutmoney.com
 
No problem. My case in on the site already, was just offering support as it is horrendous to go through
 
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