Yes you are, as loans are taken ‘jointly and severally’ which means both parties are liable for the full amount and not half each.
In an ideal world, both parties would file for bankruptcy simultaneously thus avoiding this, but it rarely happens that way. Having said that, you might be surprised at how few lenders actually enforce their rights. It seems that receiving a letter from the Insolvency Service stops everything dead in its tracks. However, something that cannot be avoided is the negative impact it will have on the credit files of both parties concerned.
Bankruptcy UK has been helping people with bankruptcy since 1998 and has the experience to get the best result every time. We will avoid jargon and confirm all discussions by email within 30 minutes. Feel free to call us for a chat about your circumstances on 01425 600129.