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Should I consider bankruptcy?
Comments
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Hi bunkbed
The OR will want things in a bankruptcy to be as black and white as possible, whereas beneficial interest can be a very grey area and this probably explains why an experienced case worker like debt doctor hasn't come across an instance of it being chased in 10 years. The onus is on the OR to (a) identify a beneficial interest, and (b) justify this if challenged. There is no hard and fast way of doing this; each OR will have their own approach.
I would hope you enjoy a better outcome than the guy from Dirty Harry...
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
National_Debtline wrote: »Hi bunkbed
The OR will want things in a bankruptcy to be as black and white as possible, whereas beneficial interest can be a very grey area and this probably explains why an experienced case worker like debt doctor hasn't come across an instance of it being chased in 10 years. The onus is on the OR to (a) identify a beneficial interest, and (b) justify this if challenged. There is no hard and fast way of doing this; each OR will have their own approach.
I would hope you enjoy a better outcome than the guy from Dirty Harry...
Dennis
@natdebtline
I guess the problem is that if I don't apply for bankruptcy now, then the longer I stay in the house and give my wife money, then the more chance there is of a beneficial interest being applied.
In the words of Elvis "It's now or never"
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In the words of Elvis "It's now or never"
Not just the words of Elvis, either. Now that you are considering BR, then the sooner it is started the better for you in the long term.
WHilst on the one hand I/we advocate NOT rushing into BR...we do not mean, simply putting off the fateful day.
It is always best...once BR has been decided upon, to then spend time in preparation for survival within BR.
Things like, bank accounts, etc etc.
But, as you state,getting on with it does have other benefits....although I'm not convinced a year or two will have much impact on any perceived beneficial interest?No, I don't think all other drivers are idiots......but some are determined to change my mind.......0
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