what can you keep?

paul10mm

Hi
thanks again for all your help!!
next question what can you or are you allowed to keep when your made bankrupt?
Hopefully we can keep cars we will see on that but i mean electrical stuff im in retail so tend to get stuff on staff promotions from makers i have a good hifi system,2 tvs dvd player and recorder and for a hobby use to bulid pcs i hade to amke one for a college course idid last year so there are 3 in my house!! there nothing special about 200/300 to buy?any help would be welcome I want to do the right thing!!!!

Kevicho

to be honest youll prob lose all that so you might as well sell what you can know as from what i heard stuff on bankruptcy clearence goes dirt cheap so you wont make as much on them

kevker

Chances all that will be taken, especially if they are half decent. If you have a very old car, that isn't worth much, then you may be allowed to keep it IF it is essential for your work. (as an idea, mine was worth £300, but was taken). Anything that the OR can get a decent amount of money for, he will take. Furniture and clothes you will be allowe dto keep, along with other essentials, such as fridges, cookers etc. Butr you are only allowed to keep essentials. In the grand scheme of things, cars and TVs are not essentials.

paul10mm

ok silly question how do i get to work if they take my car???
train fair from were i live to london 3k a year let alone leave at 6am get back at 8.30!!!

smcaul

I will no doubt get flamed for saying this, but as you are not yet BR can you not transfer the cars into a family members name and just say that they are loaning you the cars to help you out, or even that they purchased them from you? Same with any items you want to keep, just put them round someone elses house and get them back when it has all died down -not very legit I know, but at least you will be keeping the items that you need.

coffeeandfags

Do you have kids?
According to my solicitor (Scotland), if you have kids they can take next to nothing. TV / PC are educational, must have white goods for cooking / cleaning. Do you need the car for work / school? If yes, then they cant touch it (unless its a top of the range £30,000 job, which they can force you to sell and get a cheap car)
Im not bankrupt myself, but these things came out in conversation when i was going through my divorce.

smokey112

We still have our TV's DVD players and hifi systems - not top of the range mind you - and we had 2 comps

They will only be interested if you have top of the range gear - ie 42 plasma TV etc

HTH

Ang
x

paul10mm

again thanks for help yes hifi was top of the range 10 years ago!! as for tv again 9 year old black widescreen tv!worth about nothing has purple patch on screen too!
I dont want to lie or hide stuff anymore spent all my life doing it and it does not Work!!!!
in the last six months going through this saving the £460 each to go bankrupt has been hard we have no life anymore never go out,Just proves though that you can do it we have not used any credit cards for nearley a year only a debit card!
I have been a Fool in life But lucky for me i have a wife who for some very strange reason still loves me So know its time to face the music!

jellycat40

Hi there

When my hubbie went bankrupt they took nothing. He had a boat and an N reg Audi which he needed to go to work.

When my hubbie's ex wife went bankrupt they made a thing about taking her car but never did. She also had some antiques but she put them in store and no one ever knew about them.

I looked into bankruptcy before opting for IVA and was told we could keep my car up to the value of £2,500 providing we needed it for work or children. We would not have anything taken from the house as we have children and all our possessions are over 5 years old. They won't take white goods needed for the welfare of children and that included my dishwasher.

I expect they would be interested in 42in plasma or lcd tv etc, but nothing that will really ruin your quality of life.

Louise

Conor_3

paul10mm wrote:

Hi
thanks again for all your help!!
next question what can you or are you allowed to keep when your made bankrupt?
Hopefully we can keep cars we will see on that but i mean electrical stuff im in retail so tend to get stuff on staff promotions from makers i have a good hifi system,2 tvs dvd player and recorder and for a hobby use to bulid pcs i hade to amke one for a college course idid last year so there are 3 in my house!! there nothing special about 200/300 to buy?any help would be welcome I want to do the right thing!!!!

Hi.
If you need a car to get to work, you can keep that. It is highly unlikely that they'll touch the electrical equipment. What the official receiver does is look at the amount of debt and how much the items will fetch at auction, which isn't alot. Basically stuff that you're worrying about is nigh on worthless at auction and it's simply not worth the receivers time selling stuff that'll fetch maybe £150 after fees against a debt of £10,000's.

Just be honest when filling in the forms and list them anyway.

paul10mm

Thanks Coner
I know it wont be easy but i will be honest with the reciver life is to short to make anymore of a mess of it than i already have!
Sad part is i owe all that money and to be honest it was just paying them!! Stupid or what!!!????