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bobsbabes
Junior Member
United Kingdom
172 Posts |
 Posted - 16 March 2007 : 20:01:38
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| my brother lives with my mum and dad and he is going to declare himself bankrupt how will it effect them ? |
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go_4_broke
Junior Member
221 Posts |
Posted - 19 March 2007 : 14:21:15
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Hi bobs
Short answer is probably very little, although he should pay some rent and contribution to household bills and declare this on the Statement of Affairs.
If they let him live there rent free a large portion of his income (if any) is likely to end up with the OR to pay his debts.
-Best
'Bankruptcy - an elephant from the front - a mouse from the back' |
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Debtdummy
Junior Member
United Kingdom
267 Posts |
Posted - 19 March 2007 : 14:24:24
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the only way it will effect them is if they have joint creditors, i.e they both signed on the dotted line for a loan,etc. If this is the case when he files for a BR the creditors will then turn to his parents for the amount owing.
If he shares a bank account with them, tell him to remove his name from it. If he pays them rent and is in arrears, then this is another issue. He could name them as creditors and they would only get a percentage of the rent arrears back; and they would not be too pleased with their son especially if the funds were used to increase their income for their expenses.
As for the address. Not a problem. He and your parents can contact Experian and the other two credit reporting companies and fill out a disassociating form. This will seperate your brother from them quite nicely.
All I have left is my sense of humour. |
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bobsbabes
Junior Member
United Kingdom
172 Posts |
Posted - 19 March 2007 : 16:02:30
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ok ty for that am feeling bad for him at the mo
he has no disposable income as he recently lost his job was paying mum and dad rent (this covered food leccy gas etc )but isnt now as has no money
am worried about baliffs etc tryng to take their things as in all honesty he owns nothing but owes approx 21000 which is just getting bigger am hoping that this will sort everything out for him |
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bobsbabes
Junior Member
United Kingdom
172 Posts |
Posted - 19 March 2007 : 16:05:20
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ok ty for that am feeling bad for him at the mo
he has no disposable income as he recently lost his job was paying mum and dad rent (this covered food leccy gas etc )but isnt now as has no money
am worried about baliffs etc tryng to take their things as in all honesty he owns nothing but owes approx 21000 which is just getting bigger am hoping that this will sort everything out for him |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 March 2007 : 09:01:03
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Hi, I'm not an expert, but I am in a similar situation to your brother and I really feel for him. I was in an IVA, but that failed, and although I am working I will be petitioning for my bankruptcy in April. Your brother needs to speak to someone about his situation - as I found the longer you leave it, the worse it gets. He has done nothing to be ashamed of, and he will be treated with compassion, the same as I have been. I have now found out that BR is not the end of the world, and I would go to court tomorrow if I had the money!
Good luck to you and your brother
Where there's life there's hope! |
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bobsbabes
Junior Member
United Kingdom
172 Posts |
Posted - 22 March 2007 : 23:35:39
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ty so much for this i want to support him as much as i can
oh he part owns a piece of land (without planning permission can he sign it over to mum ?) |
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help please
