Hi myself and my partner owe money for bank over drafts/loans and one other supplier for our failed business. The business was in both our names so we owe these debts jointly. The two credit cards o/s balances are in my name. The mortgage is in my partners name.
My question is: how does the law work in relation to paying back debts . We are not trying to get out of our responsibilities but have absolutely no money/assets and do not forsee having any in the long term. We will most definitely be brought to court over these debts. How does the court work. What happens when you dont have the means to pay back.
I know that when one has a house and if its sold, the proceeds will go to the creditor who has a judgement on it. Can a judgement be made for example, my two credit companies against a house in my partners name.
The problem with the house is it has gone down in value so much that if it were sold, we would be lucky to get even half of what is owed in total, which is approx 23,000.
If anyone has any experience of courts and law I'd apprecitate it. We had our first letter from an x business supplier who has stated that if the invoice isn't paid in full within the next 7 days, they will bring us to court and we will have to foot the bill. We just don't have the money or even part of it and we definitely wouldn't have money for solicitors. This invoice is 1,000.
Thanks in advance for any advice given.
My question is: how does the law work in relation to paying back debts . We are not trying to get out of our responsibilities but have absolutely no money/assets and do not forsee having any in the long term. We will most definitely be brought to court over these debts. How does the court work. What happens when you dont have the means to pay back.
I know that when one has a house and if its sold, the proceeds will go to the creditor who has a judgement on it. Can a judgement be made for example, my two credit companies against a house in my partners name.
The problem with the house is it has gone down in value so much that if it were sold, we would be lucky to get even half of what is owed in total, which is approx 23,000.
If anyone has any experience of courts and law I'd apprecitate it. We had our first letter from an x business supplier who has stated that if the invoice isn't paid in full within the next 7 days, they will bring us to court and we will have to foot the bill. We just don't have the money or even part of it and we definitely wouldn't have money for solicitors. This invoice is 1,000.
Thanks in advance for any advice given.