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 will this disqualify me for backruptcy?		  New Topic  Reply to Topic
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john_n
Starting Member



1 Posts
Posted - 03 October 2008 :  06:41:31  Show Profile  Visit john_n's Homepage  Reply with Quote
I could not make my minimum monthly payments, so I took out cash advances. That is, I borrowed from one creditor to pay another. It is obvious that I took the advances to postpone the inevitability of bankruptcy. Will it be clear to that I was not trying to borrow money and hide it and disqualify me for backruptcy?

Needafriend
Junior Member

United Kingdom
344 Posts
Posted - 03 October 2008 :  07:11:21  Show Profile  Reply with Quote
Hi John

Welcome to the forum

It sounds very similar to many to rob peter to pay paul.

The worst an OR could impose would be a BRU Bankruptcy Restriction Undertaking or a BRO.

If your insolvent then you should be able to go Bankrupt.

Have you spoken to our helpline or done the calculator and allowed someone to call you with regard to the options about for you :-)

Good luck

Jo x

Please visit my blog for info on how I got here and other information to guide you through from my experience called:

"Needafriend's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:

http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Edited by - Needafriend on 03 October 2008 12:51:00
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JulianDonnelly
Junior Member



United Kingdom
325 Posts
Posted - 03 October 2008 :  12:46:26  Show Profile  Visit JulianDonnelly's Homepage  Reply with Quote
Hi John,

Don't be too concerned. The OR knows that everyone will exhaust all lines of available credit before going BR.

Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367
Edited by - JulianDonnelly on 03 October 2008 13:33:54
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