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kev.cy
Starting Member
23 Posts |
 Posted - 01 October 2009 : 22:00:46
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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
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 02 October 2009 : 10:17:41
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I would think that since it was 3 years that you repaid the family for your loan, it is unlikely that the OR would try and reclaim some money from them. If it was 2 years, that would make a difference, so make sure that your dates are correct.
All the best.
John Blackadder
**Link removed** |
Edited by - Skippy on 03 October 2009 21:57:06 |
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kev.cy
Starting Member
23 Posts |
Posted - 02 October 2009 : 16:26:25
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Reassuring!
Thanks John,
K
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Bankruptcy: OR to pursue my family for money?
