Hi
From any of the experts' knowledge/experience, can 2 people married or otherwise joint parties to some but not all accounts, have a deifferent solution?
eg are trust deeds, DAS and Bnakruptcy always joint if assets are jointly owned?
Can partner 1 have TD for example whilst partner 2 is bankrupt?
That's a great question Pamjo.
It's actually incredibly common for partners/spouses to enter into different debt solutions. For example, one partner may start a trust deed while the other goes bankrupt.
Bankruptcy and trust deeds are always handled individually. There is no such thing as a joint trust deed or bankruptcy.
Obviously if partners were to enter trust deeds with the same firm at the same time everything would be set up in a co-ordinated way, but it would still be two trust deeds set up.
It recently became possible to do a joint Debt Arrangement Scheme, but a couple could choose to do this individually if they wished.
Thanks, that shows the danger of making assumptions. I thought that joint ownership of most assets and accounts automatically meant joint bankruptcy/TD/DAS etc. Another member's reference to her TD finishing and discussing TD with her partner made me realise that was perhaps wrong.