Hi there,
I have a few questions about bankruptcy. Before you say it, I understand this is a VERY EXTREME almost 'last resort' type of thing and have no real intentions of going through with it - I'd rather try and settle for an IVA but must realistically consider bankruptcy as a final option.
Anyway, I currently have approximately 27,000 of debt. I have been struggling to make payments for the last couple of months, and on any arrears I already have a repayment agreement with various companies. Unfortunately, being unemployed due to illness, even this is now getting very very difficult.
My main question is, should I end up declaring bankruptcy, how does this affect my parents? Are their credit ratings affected? They are not named on any of my credit cards or debts, and are unable to help with my bills, however both of them are working.
If I declare bankruptcy, I understand that my property will be taken in an attempt to recoup some of the loss? How do they determine which property is mine and which property my parents paid for? Does it make a difference to them? Can they rightfully take anything they even suspect may belong to me or do I have to provide proof that my parents purchased the items?
Thanks in advance, Vince