Assets?

consideringbankruptcy

Hi there

I am considering bankruptcy as I have amassed a huge amount of unsecured debt (circa £80K), and my house is in negative equity as there is a loan secured against the property (value is around £150K and I have no equity in the mortgage plus a secured loan of £40K, if that helps).

The only assets I have are my property and my DJ equipment, as I do some DJing in my spare time both as a hobby and to raise additional cash where possible. This includes a huge collection of records. Would these be classed as an asset and be seized if I went bankrupt? They do not form my main income (this is from my regular job) but they do provide an "irregular" second income from time to time.

Any help would be appreciated as I need to consider all angels of course when looking at bankruptcy, it is a very scary step for me.

Thanks for your help

tigerfeet2006

Hi and welcome to the board.

To be honest I am not sure how the OR will view this. I would think he will take it as an asset. Your best course is to ring one of the debt charities and talk through your options with them. You will have to do this anyway as the judge could ask you if you have taken professional advice and delay your petition until you do. Numbers and links in my signature.

consideringbankruptcy

Thanks, I've been reading through these forums, you guys are all great, what a supportive community. I'll call one of those charities today.