How will bankruptcy affect those I live with? I live with my parents who have a good credit rating. I'm concerned as to how, if at all, my declaring BR would affect them and their credit status and their ability to obtain credit in the future. I don't want my mistakes to affect them.
Bankruptcy will affect you and only you. It will not show up on your parents credit file. If they are concerned it is easy to register a 'notice od disassociation' with each of the credit reference agencies (3) which an idividual often does if they have an ex partner who was at an address, has debt but has left the address (usually a common sitauation following a realationship breakdown the person remaining at the address can place a notice of disassociation on their address and this stops any further credit being incurred by anyone else using that address ie Joe Bloggs no longer lives at....) It really should not be a necessary thing to do by parents though as your bankruptcy will not affect them in any way, unless you had the same name in full ie both Jane Smith
Hope this helps
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Thanks Melanie, that has certainly put my mind at ease.
Now can anyone tell me how on earth I explain to my parents my plans to go BR?!?!? I'm hoping they understand as they've watched me struggle with debt for years, but I don't quite know how to explain it.
How will bankruptcy affect those I live with?
Posted - 17 February 2009 : 16:30:50
