| Author |
 Topic  |
|
|
John.St
Starting Member
10 Posts |
 Posted - 13 July 2012 : 12:39:39
|
My parents took a loan out in their name a few years before I was made bankrupt, and I was making the repayments to them up until the point of bankruptcy. I didn't mention this to the OR (probably should have done), but haven't made any payments during the bankruptcy period. Having been discharged am I able to make payments now or would that break any rules?
Also, the OR has now noticed the payments and wants to know what they are for. What are the repercussions of telling them now?
Will they want to see my parents bank statements etc or need something in writing from them? Will I face any penalty for not disclosing before now?
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 July 2012 : 12:42:56
|
Hi John,
Don't worry, lots of people forget to include family debt and some don't even know you can include them in bankruptcy so you have done nothing wrong.
Just explain everything to the OR, they may want to see some paperwork from you.
After you are discharged and if you haven't got an IPA, then although, technically the debt has been written off, you can do whatever you want with your money.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
 |
|
|
year 2029
Average Member
590 Posts |
Posted - 13 July 2012 : 12:48:34
|
Hi John,
Just explain what has happened to the OR.
The debt would've been included in your bankruptcy, and as you havent paid anything back (which would've been preferential treatment), it would appear that you haven't done anything wrong.
The only thing you've probably missed out on, is your parents being able to claim from your estate for the debt due.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
John.St
Starting Member
10 Posts |
Posted - 13 July 2012 : 12:53:12
|
Thanks for the quick answers guys - didn't really want the parents dragging into it as they are now retired and will stress like mad but if it cant be helped I guess I'll have to.
|
|
|
|
John.St
Starting Member
10 Posts |
Posted - 13 July 2012 : 13:02:44
|
sorry another question - should i mention that I have made payments since the discharge or not? The letter I have received asked if I have made payments since the bankruptcy so slightly ambiguous.
Out of interest if I had made payments before the discharge presumably they would reclaim these from my parents?
|
|
|
|
year 2029
Average Member
590 Posts |
Posted - 13 July 2012 : 13:09:40
|
From the date of bankruptcy up until your discharge, my understanding is you shouldn't make any payments.
Personally, I think its best to be upfront an honest.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
| |
Topic |
|
Family Loans
