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mashooq
Starting Member
1 Posts |
 Posted - 21 January 2009 : 09:46:07
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Hi, basically i have a debt of £30,000, aand im looking to go bankrupt. I have relatives which i also borrowed money from. I had a house, but sold it last year, as i couldnt afford to pay the mortgage, and i had debt with my family members. So with the money i got from selling the house, which is around £30,000 i settled payments to my family and friends.
I was wondering if i go bankrupt, what would the court ask about me selling the house? will they know? and will i be asked about where the money went? and also will the court accept the reason for the money i got from my house, was given to the people i owed money to. I currently have £30,000 in debt with 3 creditors and 1 loan, which are currently with a debt management company, and due to the ressesion its getting harder to cope, i have gone over my expenses over and over again, and i can only pay a maximum of £80.00 a month, so would IVA be the best option for me or should i go about being bankrupt. Currently i have a part time job, where i work 16 hours, and recieve £80 a week, i also have a joint claim on workers tax credit with my wife. The place where i live is in my wifes house, which i pay rent to. So i was wondering if i declared my self bankrupt, would the courts seize my wifes assets, as i dont want to drag my family into this mess.
I will be really grateful if you could contact me, thank you |
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RHB
Senior Member
1159 Posts |
Posted - 21 January 2009 : 14:07:04
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| The OR will know you owned a property as you have to put this on the form. Did you pay your relatives the same pro rata as the credit companies? |
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Hi, basically i have a debt of 30,000
