Can anybody help me with this? I intend to decalre myself bankrupt after a failed IVA, but will have excess money after subtracting living expenses from my wages. I would give this excess money to parents who have lent me money in the past but fear that I would have to make contributions to creditors with this excess.
You wont technically be able to give MONEY to your parents as they would be a creditor and so the payments would be classed as preferential.
Yes if you excess money then the OR can take between 50 & 70% per month over 3 years to pay your creditors.
If you have any disposable income after that then you can as its up to you make payments to your mum but it would have to be done quietly so to speak or they will have to wait till your discharged.
Jo x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
24 Weeks down Yippeee!
28 to go
Im getting there!
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
owing family
Posted - 21 January 2009 : 02:17:50
Yippeee!
Im getting there!
