Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By chris12
#1319 Hi, I am considering Bankruptcy as I owe around £60'000 currently. I am 24 years old and moved away from my parents home six months ago for work reasons. I am 100 miles from where I used to live with my parents and my question is that although I know bankruptcy is public, I am desperate to keep my parents from finding out, I know they would be devestated and I am scared of causing health problems for my dad as he is already under huge amounts of stress from our family company. What are the chances they will find out??

Is the OR likely to contact them directly??, what are the real chances???

Thanks for your help
ByDavidc
#1321
chris12 wrote:Hi, I am considering Bankruptcy as I owe around £60'000 currently. I am 24 years old and moved away from my parents home six months ago for work reasons. I am 100 miles from where I used to live with my parents and my question is that although I know bankruptcy is public, I am desperate to keep my parents from finding out, I know they would be devestated and I am scared of causing health problems for my dad as he is already under huge amounts of stress from our family company. What are the chances they will find out??

Is the OR likely to contact them directly??, what are the real chances???

Thanks for your help


Well the Bancrupcy will only be posted in the London Gazzette and the local paper where you live. The only reason there would be any contact between the OR and your family would be if there has been some form of transfer of funds or property to them that the OR might construe as trying either to give preferential treatment to your parents or trying to put funds behond the reach of your creditors. Apart from that unless they know anyone where you now live who might tell them I would say that the chances of them findiing out are very remote. Let me put it this way. My Mother lives 2 miles away from me and she is is not aware. Neither is my wife and she lives with me.
David
Last edited by Davidc on Thu Sep 16, 2004 11:04 am, edited 1 time in total.
By chris12
#1349 Hi David,

Many thanks for taking the time to reply, it is most appreciated and very reassuring.

Chris
By Pete
#1359 Yeah I agree with David

No-one knows I went bankrupt, except mum and dad (who I told and who helped me through it) I dont think anyone reads the legal notices in the local paper :?

Of course anyone with the knowledge only has to go to the London Gazette website and search for your name or address and there you are though, so its hardly a secret

How long does it stay on the London Gazette records? dont suppose they erase you from their database upon your discharge?

Pete