My parents re mortgaged their house to pay off some of my dept, I make the monthly repayments of £550. Will this amount be taken into account if I filed for bancrupcy or would they look at it as disposable income of mine?
Unfortunately, the debt would have to be declared in the bankruptcy and so written off. You would not be able to repay your parents.
If you have disposable income then you will need to pay this for 3 years by way of an income payment agreement.
However, once you've finished paying, there is nothing stopping you repaying your parents, but obviously they would need to pay the mortgage in the meantime.
Please speak to an expert and have a chat about your situation and options.
My parents re mortgaged their house to pay off some of my debt
Posted - 31 December 2011 : 08:22:01
