I am considering filing for personal bankruptcy, but I would like to know how this would affect the ‘consent order’ that is in place with regards to the split from my ex wife. At the moment I pay £125 per month maintenance for 3 children. The marital home has been signed over in full to my ex wife, as part of the agreement. Upon my youngest child attaining the age of 18 years, the house is to be sold, with myself receiving 20% of the proceeds. My worry is that I may NOT be able to continue working in the future, and so would not be able to pay £125 month, and, therefore, this might threaten my entitlement. Would bankruptcy, now, have any effect on what happens in 8 years time, when my son is 18 years old?
Divorce and Bankruptcy are processed by two very different parts of the court, despite both being civil (not criminal) by definition. Your entitlement to a percentage payout on the property will take place regardless of what happens in terms of meeting the child maintenance commitments, unless further legal action takes place.
Feel free to call us on 01425 600129 or 07479 739139 / 07894 481175 with any further bankruptcy questions or for bankruptcy help.