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| keith.1 |
Posted - 13 May 2010 : 09:19:52
Hi can anyone give me some advice as to what happens to property in a bankruptcy. also what assests do they take. ie sofa bed. sorry if this seems a stupid question but i ma facing this possibility and need to know what to expect. |
| 3 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 13 May 2010 : 16:46:04
Hello Keith,
Some good advice already given by Richard P and Bridgewood.
You will not have personal household items taken from you - if you had a £3K TV, then that may be considered, but I suspect you have not got that or anything like it - so do not worry.
Is the house:
Jointly owned
In negative equity
Are there any arrears - not that that will affect the bankruptcy - simply looking at options with your lender.
If you post back with a bit more detail, one of us will be pleased to offer some suggestions/advice
You should also seek advice if you are going for BR - the CAB or similar body will satisfy the OR and can be very helpful generally.
Good luck, Richard
"There are no problems - only solutions" |
| Richard P |
Posted - 13 May 2010 : 11:26:09
Hi keith
welcome to the forum
sorry to read about your predicament, as a current bankrupt who has gone through the process and survived ! Know how you are feeling, still wearing the T shirt
The fear of what may happen and all the bar room myths about Bankruptcy is far worse than what actually happens.
your internal contents of your house upto about 1000 each item are normally considered safe .
The equity in you house (or not) will dictate the process for your house, even if you have a very large amount of equity in your house you will still have a good couple of years before a decision is made for you.
The best suggestion I can offer to anyone considering bankruptcy is try and have a cup of coffee, (Yes you may have to drive to meet them) with one of the experts let them undertsand your full circumstances, they will spend time answering your questions and come up with an action plan to get everything in the right order, if you like the plan let them help you, if you do not like the plan, dont follow the suggestions.
contact a couple of the experts as they may all have slightly different plans
regards Richard |
| Bridgewood |
Posted - 13 May 2010 : 10:39:17
Hi Keith
Dealing with the easy one first, your sofa bed won't be claimed if you go bankrupt - most ordinary household items are safe - there have been situations where the OR has threatened to take TV's etc, but usually only where they are all singing all dancing ones.
The OR won't come to your house to look at what you have, but would look at recent credit card and bank statements to see what you've been buying.
As far as the house is concerned, it all depends on the value, mortgage, joint ownership, other occupants etc
Please post back with more info if you need more advice
Good Luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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