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i England, Wales and Northern Ireland

What is bankruptcy

Joint bankruptcy

Joint bankruptcy is only available to business partners. You cannot go bankrupt as a couple. You must petition for bankruptcy individually.

Couples cannot apply for joint bankruptcy unless the spouses or partners are also business partners.

This means:

  1. You must submit two sets of forms
  2. You must pay two lots of bankruptcy fees

Can joint debts be included in bankruptcy?

A joint debt is a shared credit agreement that you are both named on.

When only one of you goes bankrupt, the other person named on a joint debt becomes responsible for the whole debt.

This person has to pay the total amount back by themselves.

This is not the case if you go bankrupt, but:

  • You each need to apply individually for your bankruptcy and
  • Both of you must pay separate bankruptcy fees

Get free bankruptcy advice

Bankruptcy is a form of insolvency and is normally only suitable if you cannot pay back your debts in a reasonable time.

Assets like your home or car are usually sold to pay off your debts.

Bankruptcy is unlikely to be a good option if:

  • Your assets are worth more than your debts
  • All of your regular payments are up to date
  • You can afford to keep making payments

You must seek professional advice if you are thinking about bankruptcy.

Use our online debt advice tool to find out if it is right for you.