I will soon be going bankrupt with biz debts of about £60k. I have only £100 in premium bonds in my name should i cash these in b4 bankrupcy? Do i have to declare them? I also have £800 in my Paypal account do i need to empty this too? When the OR looks into your finances how far do they go back? do they want to know where every penny was spent?
The OR will want to know exactly what you have spent your money on. You won't be able to keep the premium bonds, the OR will want them cashed in and the money paid across to your BR.
I think they will want the money from your Paypal account as well.
You would be advised to open a new bank account as well with someone who isn't one of your creditors. The Co-op come highly recommeded.
The OR isn't interested in knowing where every penny went but will look at your bank statements/credit cards for large amounts of money going in or out.
Normally the OR asks for 12 months of bank/CC statements but they can contact the companies and request statements that go further back if they need to investigate your finances further.
You will need to declare the Premium Bonds and PayPal account and the OR will want the money to pay to your creditors.
I will soon be going bankrupt with biz debts of ab
Posted - 31 August 2009 : 19:08:21
