Bankruptcy and Family payment

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Mart7379

Posts: 9
Joined: Sun Mar 28, 2021 12:58 pm

Post by Mart7379 » Sun Mar 28, 2021 1:07 pm
Hi guys
I am new to this group. So please be gentle, I’m just looking for advice.

I’ve struggled with debt for many many years, after speaking with a couple of debt charities I am advised to file for Bankruptcy, or an IVA, I don’t actually want to enter into an IVA as I feel it will just drag the debt on for longer than I want it too, baring in mine I’ve been struggling with it for many many years.

I currently make weekly payments to my Parents on a weekly basis from my wages. This is just simply financial help for my parents. I have not filed a bankruptcy application yet, but when I do, will the adjudicator or Official receiver deem this as an unnecessary expense and order it to be stopped with the money sent to parents taken in any possible IPA

Thank you for any advice.

Mart7379

Posts: 9
Joined: Sun Mar 28, 2021 12:58 pm

Post by Mart7379 » Sun Mar 28, 2021 1:32 pm
Hi guys
I am new to this group. So please be gentle, I’m just looking for advice.

I’ve struggled with debt for many many years, after speaking with a couple of debt charities I am advised to file for Bankruptcy, or an IVA, I don’t actually want to enter into an IVA as I feel it will just drag the debt on for longer than I want it too, baring in mine I’ve been struggling with it for many many years.

I currently make weekly payments to my Parents on a weekly basis for a loan my parents gave me last year. I have not filed a bankruptcy application yet, but when I do, will the adjudicator or Official receiver deem this as an unnecessary expense and order it to be stopped/written off and taken towards any possible IPA

Thank you for any advice.

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Mar 28, 2021 2:34 pm
OK -- slightly differing versions of the circumstances here, but will boil down to much the same thing. In BR any loan you are repaying will be part of the deal and you will not be permitted to repay this loan from your parents outside of the bankruptcy, if they are declared as creditors.

If this is, indeed, not a loan repayment but simply a child aiding his parents, it will probably not be allowed as an expense and this sum will be expected to be included in any IPA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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