Help with starting bankrupcy

carlhot24

I went to a meeting with CAB today to discuss going bankrupt due to credit cards and loan repayments. CAB Advised me that th BR was best option for me. which i also agree. I didnt state at the time that some of my debt was due to gambling (approx 20%). i didnt say this because i thourght it would have a negative effect on the decision. Am i best to declare this as i dont really need this as a excuse as my repayments alone are enough to get BR. I also have a car that is worth £2700. What are the chances of me losing this. Can anyone help please

skylight

The car - do you work? If not, then you will not be able to keep the car unless you can come up with a really good reason to keep it.

Gambling is not a problem in BR. The ORs have seen it all before, but you will have to accept that there is a possibility that you will be handed a BRU - this is where the bankruptcy restrictions will still apply to you for a number of years after your discharge. You must be honest about it - the OR will see on your bank/credit card statements where your money has gone.