question category: Bankruptcy

what possesions can be taken when i go bankrupt?
Submitted on: 3rd Jun 2009 by Non-Member | Total Answers: 2

me and my partner are filling for bankruptcy as we hve xplored other options but this is the only way we can go do to alot of debt, and low incomes. what i want to know is what possesions will be taken when we go bankrupt? we both have a car, as we both need for our jobs, but they are not worth alot, will these be taken? and will any other of our possesions be taken? thanks.

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Re: what possesions can be taken when i go bankrupt?

When you fill in your bankruptcy forms you will have to tell the Official Receiver about any vehicles you own and why you need them - but you are allowed modest motor vehicles so you should be allowed to keep them. There is no hard and fast rule however and you should try to think of good reasons why you need both cars.

You should list any assets you have in terms of savings and investments and valuables but the OR is not interested in normal household stuff.

You cay you have considered your other options - so I assume you know all about IVAs (Individual Voluntary Arrangements) and DROs (Debt Relief Orders) and DMPs (Debt Management Plans).

Submitted on: 4th Jun 2009 by Darren Member

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Re: what possesions can be taken when i go bankrupt?

Hi,

All I can say here is that when someone goes bankrupt any assets they have do become bankruptcy assets. Although the official receiver will take into consideration you need your cars for work purposes.

You have not mentioned if you own your own home, but if you do you may lose any equity you have, the best thing to do is take some professional advice or visit the Insolvency service website as they have some very useful leaflets. Here is a link for you to past into your web browser
http://www.insolvency.gov.uk/guidanceleaflets/Guides.htm

Submitted on: 4th Jun 2009 by Justine Member

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