All Forums  New Questions  Forum Questions  Bankruptcy: OR to pursue my family for money?

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by kev.cy[/i] [br]Hi all, I am considering bankruptcy as a solution to my debt problems, however I would like to be sure of no backwash for those financially associated with me... In particular, about 3 years ago I convinced my family to loan me a 5-figure sum. I used the money to clear some debts and then applied (& was accepted) for a secured loan to consolidate my remaining debts. I then borrowed back the original sum from credit cards to repay my family. I have maintained payments to all creditors during the intervening 3 years however my situation has recently worsened following redundancy, such that I am considering petitioning for bankruptcy. As this will mean writing off my debts (including the loan that was made to repay my family), how likely is it that the OR will chase my family for repayment of this sum? Or is it the case that too much time has elapsed, or that the OR cannot claim preferential treatment simply because I have made 3 years of payments since then? Be grateful for any views or similar experiences. Thanks in advance, K [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.