Assets section in online form

skintsteve_2

Hi! Going through the online forms, and get to section 3 (the Assets section), and im stuck! Typical. We dont really have any assets apart from our cars. Is this where we put these? Thats all we have really. Rented Accomadation, no expensive furniture or TV etc. Sorry. This is my 5th question today!!

mypiggybankisempty

Hello... Yes put the car asset in section 3.14 and again in section 3.7...It can be confusing it was for me because I saw it as repeating the information but when checking with the insolvency helpline they told me to put it in both sections

skintsteve_2

Thanks for the quick reply mypiggybankisempty!!

Do i do this for both me and OH??

And do i declare my co-op account that i opened for BR on here?

DON79

hi, do you use your OH's car and does she use yours? If so, you both put it down as a car you have use of but do not own. each of you should just put down the car you individually own on your own forms and only mention the other car on the forms if you use each others cars as above.

and do add your coop account onto the form but on the day you go BR, you can tell the OR that this is your account for after bankruptcy.

hope this helps.

mypiggybankisempty

Hi, are you both petitioning your bankruptcy or is only one of you because it depends on ownership as it says on the DVLA log books the registered keeper is not necessarily the owner (or word to that effect) it depends say if you are just going bankrupt and own both cars then yes if your partner owns both cars then no if you are each going bankrupt you would put the relevant car details on your individual forms...Hope this helps you and does not complicate the matter further

Regards

mypiggybankisempty

Sorry about the second question yes put the co-op account on the forms aswell

skintsteve_2

thanks don79. The main car is ours but registered to the OH. Its value is about £3000. I have a car solely used for getting too and from work.It's value is probably £400. Its gonna cost nearly £700 to fix in feb to get it through its MOT. Looking to loose that anyway! So shall i'll list that on mine, and the main one on the OH? Im attacking these forms, but they are so hard to understand. Thought they would take a couple of days each. We're going BR next Wednesday:embarasse

DON79

hi steve, the £3000 car you might not be allowed to keep, from what I have seen on here, the OR allows upto £2000 for a vehicle but there have been a couple who have kept a car worth more but few and far between am afraid.

If your OH puts it as her asset, she would have to give the OR reasons why she needs to keep it or why she does need a car in case they decide to take it. Does your OH need it for work?

You need to make the best possible case for keeping the car so which of you has the most need to keep the car?

If not, I would be tempted to put it down on your form and it is essential for your work then? and the other car, the OR would be welcome to take then?

meant to say, I know the forms are not the easiest thing but take it slowly and it doesn't matter how many days it takes, don't rush! take your time and ask all the questions that you can.

skintsteve_2

i know what your saying don79. I have done all the homework and this is really the last thing bothering me. I am willing to ride to work(or sort other arrangments), but my wife needs it to take my 2 daughters to nursery, and a school which is 2 miles in the other direction. She also works the other side of town. Will this apply? And your help is brilliant!! And everyone elses here. I really hope i can help everyone else on here, once this is all over!!

DON79

In that case since your wife does work and needs to get the kids to nursery and school and since they are opposite directions, it would be too difficult to do all that on public transport and still get to work on time. I think you would be safe to list it as your wife's asset as she does have a lot of travelling to do which she can explain to the OR. It still doesn't mean you would be able to keep the car you have got but if he does want it, then you should still be able to get a cheaper replacement.

With your own car, if you need it to get to work, then that is a good argument for the OR too. just try to give reasons why you can't share a car - shift work, long distance to travel to each of your work in different directions, that sort of thing.

but be warned that it is very much down to the individual OR how assets are treated, so there are no guarantees am afraid, but i hope it works out that you get to keep both.

skintsteve_2

thanks Don79. Just to confirm, when mypiggybankisempty says 3.14 of the section, is that where it says "stock in trade" on the online forms?