What will they take from us?

Sunk

Well a week before going BR I had a car worth 2,000, I sold this & bought a car for approx 700.00.
Kept the rest of the cash to live on until a new bank account was set up etc.
I put this all down on the petition.
The OR rang me & asked about where the cash had gone & I told her I was living on it, this was ok'd.
So one could say I disposed of an asset prior to BR, but I did not look at it this way as I needed cash & the only way was to downgrade my vehicle.

deedee_3

Officially no, you cannot favour them above anyone else but if you can quietly pay from any surplus you have.

Sunk

Bailesy27 wrote: »

Are you allowed to pay back a relation money you owe them?

Some do out of their surplus.......

Sunk

deedee wrote: »

Officially no, you cannot favour them above anyone else but if you can quietly pay from any surplus you have.

we posted that exactly the same time deedee.:rotfl:

deedee_3

Great minds and all that

It is always good when people give the same information.

slash69

hi guys sorry to hijack your thread but i have a quick question with regards to cars..my bro may end up going br, he has amotorbike which he needs for work as he starts work at about 2 am and their is no public transport at that time and his job is appox 10 miles away, sil has the family car and may need it for work/school runs/shopping etc car is about 12 years old and bike worth probably £800 will they lose one or other of them

deedee_3

Who owns the vehicles? Is it just him going bankrupt?

Please make sure he talks to one of the debt charities. This is very important, he must get FREE, IMPARTIAL ADVICE.

Advice on bankruptcy.

The court/judge will normally ask whether you have taken professional advice that bankruptcy is in your best interest. If they believe you have not taken proper or sufficient advice then your bankruptcy may be refused. There are many places and organisations that you can get advice from, but the ones that people on this board have found most useful are listed below:

Main recommended sources of help:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

For general queries about bankruptcy you can contact:

The Insolvency Service Enquiry Line - Tel: 0845 602 9848 - Email: [EMAIL="insolvency.enquiryline@insolvency.gsi.gov.uk"]insolvency.enquiryline@insolvency.gsi.gov.uk[/EMAIL]

(Please be aware that the enquiry line cannot give debt advice or counselling or advise you whether you should go bankrupt. They can only answer general/technical questions on bankruptcy)

Many people find that debt and bankruptcy is the cause or result of a period of great distress and anxiety in their lives. For some this can reach a stage where it is difficult to cope. So I would remind you that The Samaritans are available to help you through your troubles if the emotional side threatens to become overwhelming.

C&P'd from the Bankruptcy Help sticky.

Sunk

Hi slash yes I would imagine that the OR would only exempt one.
Shopping/schools etc is not seen as a necessity by ORs unfortunately.
There is also the running costs which the OR will look at.
My car was not made exempt so I appealed & won.
If your brother feels he has a good case for exemption then it is worth going for it.

Sunk

deedee wrote: »

Who owns the vehicles? Is it just him going bankrupt?

Please make sure he talks to one of the debt charities. This is very important, he must get FREE, IMPARTIAL ADVICE.

Sorry forgot that all important questions deedee...who owns the vehicle & who is going BR.

slash69

hi guys thanx for the reply unfortunately they will both be going br they had their own business and sadly the credit crunch got the better of them