It is a common misconception that if a debt is in joint names then each joint owner is only liable for 50% of the debt – that is incorrect. Joint owners of debt are jointly and severally liable, that means each joint owner is liable for the full amount of the debt. For example, if you enter into a IVA and your partner does not, your partner would be liable for the full amount of any joint debts and it is likely that the creditor(s) will pursue them unless they maintain the full contractual repayment. It is very important to consider the impact that signing an IVA has on the joint owner of any debt. However, if the other party is also subject to bankruptcy or an IVA, then the creditor would not be able to pursue them for any balance due.