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Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive` School focuses on "curing Ireland`s debt disease"

Divorcees `could have assets claimed for ex-spouse`s debt`

10/05/2007

Millions of divorcees could face having their assets taken to repay debts owed by their former spouse, a landmark high court decision has stated.

Creditors now have permission to claim property and assets which are awarded during a divorce settlement if one partner goes bankrupt.

Predictions say that as many as one in five bankruptcy cases expected to be filed this year could be affected.

Gareth Schofield, a partner at law firm Clarke Willmott, told the Telegraph: "This is a complete reversal from the widely accepted position that divorce settlements made by the matrimonial courts after a fully contested hearing are beyond reach in bankruptcy cases and cannot be overturned by a bankruptcy court.

"This decision will have a profound effect on the way clients are advised on settlement in divorce where bankruptcy is a potential issue."

In related news, recent figures from the Insolvency Service revealed that 16,482 Britons went bankrupt in the first quarter of 2007.

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in