hi all, A good chunk of my debt is owed to my mam, approx 15k, I pay £338 a month to her and there is no way I can tell her that I cant pay her back. What will happen in this situation? I understand she is a creditor but I would never run the risk of losing her through this, family is family at the end of the day! Can I tell the court I dont want to include this? many thanks
I am afraid that you cannot pick and choose which creditors to include in a bankruptcy. You will not be permitted to continue paying your mother during your bankrutpcy, and her debt will be technically written off.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
Hi Feather Melanie is absolutely correct here.Technically the debt to your mother will have to be included in BR. Any monies the OR realises from your estate or from an IPA/IPO will be shared amongst the creditors pro rata including Mum. However, assuming that you're discharged in 12 mths (or hopefully sooner if your case is straight forward), what you do about repayment to your Mum after discharge is once again your choice to make. Speak to Mum and explain that you need a "payment holiday" for the period until discharge. At the present rate it will take almost 4 years for you to pay Mum. A further 6 to 12 months delay seems better for Mum and for you than none at all.
Money owed to parents
Posted - 06 July 2008 : 13:20:51
