thinking of bankrupcty

mrsh1968

Good luck in any decision that you make.

I think it is different for each individual, as for personal possessions they did not even go there with me, I was only asked if I had anything of value, which I said no. I have not heard of anyone losing household possessions before, certainly not tv's etc.

My car is not worth an awful lot but because I use it for the children and to get to work etc they did not take this from me either.

In my case because my outgoings exceeded my incommings I was not liable to pay anything back to the OR, all in all it was a very painless experience, not one that I would recommend but for me one that has allowed me to live my life again.

Once again Good Luck and I hope that you can move forwards.

mark1974_2

hi guys.thanks for all the replies i had originally...

i finally was declared bankrupt in february, they have allowed me to keep my car as i was using it for work, i am now starting a new job where i will have a van which i can also use for personal use, as a result thinking of selling the car, its only worth about £1000, if i did decide to sell it would the OR want the proceeds of the sale...or if i decided to keep it can the OR reverse their decision on allowing me to keep the car and request i sell it and again give the proceeds to them..any ideas??
thanks in advance

jenni75

If you have had a the car made exempt then you can sell it, I don't think that you would need to notify the OR for that amount. After all you may want to purchase another car in the future, we were told it was of no interest to them if we sold our van, as long as no finance taken out on a new car we could buy something else. So I very much doubt your OR will be interested in proceeds from sale.

philnicandamy

Nope....once the car is exemped you can do as jen said what you want with it without the need to inform the receiver

fiveyearplan

If you are self employed and intend to carry on with the business then the accountant's fees will come out before your income because its a business expense so your income will be less that amount.