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

Moderators: TalbotWoods, JaneClack

By netterogers
#4918 i also have a credit card in my name only (but its with the same company as my husband has aloan with )will i be able to keep this on ? and what would happen it my husband transfered the outstanding balance onto his?


cheeres nette
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By JaneClack
#4922 Any transfers between him and you at this point would be looked upon very unfavourably by the OR and could be undone by the OR as it would be deisgned to defraud the creditors. I know this appears harsh but it is what would be happening. He'd be quite happy if his balance was transferred to your card though!

Your credit card if it is in your sole name is not affected as he is the one going bankrupt.
Last edited by JaneClack on Sun Mar 20, 2005 4:12 pm, edited 1 time in total.
ByDavidc
#4926
Sarah wrote:Any transfers between him and you at this point would be looked upon very unfavourably by the OR and could be undone by him as it would be deisgned to defraud the creditors. I know this appears harsh but it is what would be happening. He'd be quite happy if his balance was transferred to your card though!

Your credit card if it is in your sole name is not affected as he is the one going bankrupt.


It would be spotted a mile away and simply reversed......bear in mind that even if the OR did not pick up on it..the creditor is sent a questionaire asking if they have any concerns regarding the conduct of the account... your partner transfering a balance from your account to his and then petitioning for bankrupcy would stink of fraud to me.....
David
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By JaneClack
#4931 Is that not what I said David.

If he transfers his balance to her card and he is going bankrupt she would be paying it - more for the creditor who would not be sent a questionnaire as he is not owed anything.

It is if it is the other way round surely?
ByDavidc
#4936
Sarah wrote:Is that not what I said David.

If he transfers his balance to her card and he is going bankrupt she would be paying it - more for the creditor who would not be sent a questionnaire as he is not owed anything.

It is if it is the other way round surely?

Let me re read this.......
David
ByDavidc
#4937
Sarah wrote:Is that not what I said David.

If he transfers his balance to her card and he is going bankrupt she would be paying it - more for the creditor who would not be sent a questionnaire as he is not owed anything.

It is if it is the other way round surely?


Ok If HE is going bankrupt and SHE is not why on earth would they do a transfer from HE to SHE ?
Am I missing something here?
David
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By JaneClack
#4939 Put it down to the fact I have had major surgery.

If he is going bankrupt then she is not affected. Her credit card is her own for her to pay.

If she foolishly attempts to transfer her balance onto his card then she is committing fraud and he is aiding and abetting it.

If he foolishly transfers the money to her card then as she is not going bankrupt she will pay it off for him and it would not be part of his bankruptcy.

Is that not it?
ByDavidc
#4941
Sarah wrote:Put it down to the fact I have had major surgery.

If he is going bankrupt then she is not affected. Her credit card is her own for her to pay.

If she foolishly attempts to transfer her balance onto his card then she is committing fraud and he is aiding and abetting it.

If he foolishly transfers the money to her card then as she is not going bankrupt she will pay it off for him and it would not be part of his bankruptcy.

Is that not it?


That is the way I read it.......unless you see it otherwise.
David
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By JaneClack
#4942 Yes, that's what I meant :lol:

I needed to punctuate better at the beginning :oops:
ByDavidc
#4943
Sarah wrote:Yes, that's what I meant :lol:

I needed to punctuate better at the beginning :oops:


Why does life appear so hard somtimes ?
David
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By JaneClack
#4945 Sigh.

It just does!