Credit Cards and bankruptcy

neuronusmaximus

Hi.This is my last post on this forum before I decide to go for bankruptcy soon and stop worrying. I had little choice due to a combination of having to replenish my home following the end of a relationship, a lengthy court battle involving my child and (unsurpisingly) depression. Friends who have been through bankruptcy have told me in no uncertain terms that credit card debts are not really counted - as they are loans already 'given'. I have not maxed out on them but have spent on a lot of essentials such as furniture and house repairs, that I put off for a long time - both so me and my child have a normal standard of living. Is this true about credit card debt - I have not applied for any loans, hire purchases etc (or gambled otr hidden money away) and know it is of questionable morals but my child has to come first. Please advise on my final time on this board. If I get a BRU how serious is it likely to be. Thanks.

Lightattheend

Someone with more expertise will be along soon I'm sure but Credit card debits are included - at least mine were and several other peoples that I've seen on this board. As I said I can't understand the reasoning behind your friends comments but I'm sure someone will confirm it one way or another very soon.

confused76

neuronusmaximus wrote: »

Hi.This is my last post on this forum before I decide to go for bankruptcy soon and stop worrying. I had little choice due to a combination of having to replenish my home following the end of a relationship, a lengthy court battle involving my child and (unsurpisingly) depression. Friends who have been through bankruptcy have told me in no uncertain terms that credit card debts are not really counted - as they are loans already 'given'. I have not maxed out on them but have spent on a lot of essentials such as furniture and house repairs, that I put off for a long time - both so me and my child have a normal standard of living. Is this true about credit card debt - I have not applied for any loans, hire purchases etc (or gambled otr hidden money away) and know it is of questionable morals but my child has to come first. Please advise on my final time on this board. If I get a BRU how serious is it likely to be. Thanks.

what exactly do your friends mean by this? credit cards and loans all count in bankruptcy, i'm really not sure what your friends are trying to say? the official receiver will still ask you what the credit cards have been spent on.

more importantly, have you been ok filling out the forms? writing your reasons for br? completing your SOA budget?

noone can predict when a BRU will be applied, but doesn't sound to me like you have been stashing cash or spending when you knew you were going br so please stop worrying about that. concentrate on getting your forms ready this is more important at this time...

hope this helps

computershack

Your friends quite frankly don't have a clue to be to the point.

Credit cards ARE included in the list of creditors. You will be asked where the money has gone. DON'T PANIC. BE HONEST and tell them that you bought stuff you needed to set up a new home and to live on after a relationship breakdown. Its the truth and you're not the first to have done that. As long as you've not had a frivolous lifestyle on them, you'll be OK.

elfieb

Im sorry but I get a hint of troll with these posts.......

They cover the same ground time and time again.

fermi

neuronusmaximus wrote: »

Friends who have been through bankruptcy have told me in no uncertain terms that credit card debts are not really counted - as they are loans already 'given'.

Your friends are talking utter nonsense.

InnerPeace

neuronusmaximus wrote: »

Hi.This is my last post on this forum before I decide to go for bankruptcy soon and stop worrying. I had little choice due to a combination of having to replenish my home following the end of a relationship, a lengthy court battle involving my child and (unsurpisingly) depression. Friends who have been through bankruptcy have told me in no uncertain terms that credit card debts are not really counted - as they are loans already 'given'. I have not maxed out on them but have spent on a lot of essentials such as furniture and house repairs, that I put off for a long time - both so me and my child have a normal standard of living. Is this true about credit card debt - I have not applied for any loans, hire purchases etc (or gambled otr hidden money away) and know it is of questionable morals but my child has to come first. Please advise on my final time on this board. If I get a BRU how serious is it likely to be. Thanks.

Hi, just as the other's have posted, I have no idea why your friends think that credit cards aren't really counted, and I don't understand the term "loans already given". Credit card debts count.

If your case goes down the BRO route for no reasonable expectation of repayment, you're looking at a BRO/BRU of 2-5 years, which is within the 6 years that your credit rating would be affected by the bankruptcy in any event. It will depend on how much you spent, what on, being insolvent and any other relevant factors relating to the misconduct.

fiveyearplan

Have you posted your SOA on here for advice?

dojoman

Yep, totally baffled by your post! Please can you explain what you mean.

out_of_cash

credit cards, personal loans ,council tax,utility bills,and more

are included in bankruptcy

Three_Clicks

elfieb wrote: »

Im sorry but I get a hint of troll with these posts.......

They cover the same ground time and time again.

What a stupid comment to make!!!