Will I lose all my belongings?

alexwantsnodebt

Dear generous help givers,

I am considering going bankrupt with 19k of debt from loans/credit cards. I am single and with no dependents, and renting.

Will I need to sell all my belongings? Stuff like, my PC (worth £300 s/h), pile of books, rucksack, walking boots, bicycle (bought from charity shop). And all those personal things like little ornaments and stuff people have given me.

Will I need to sell my car? It's only worth a couple of hundred quid if that. However, I may do this anyway as sporadic maintenance bills may not be worth the hassle.

Thanks,

RAS

Hi mate

Take it gently. The OR is interested in things for which he can get hundreds. No-one will take anything you have listed.

fermi

alexwantsnodebt wrote: »

Will I need to sell all my belongings? Stuff like, my PC (worth £300 s/h), pile of books, rucksack, walking boots, bicycle (bought from charity shop). And all those personal things like little ornaments and stuff people have given me.

No.

alexwantsnodebt wrote: »

Will I need to sell my car? It's only worth a couple of hundred quid if that. However, I may do this anyway as sporadic maintenance bills may not be worth the hassle.

Probably not at that value. Do you need it for work or other vital reasons?

lisamummytoarchieplusbump

the car maybe a different question. do you have to use it for work as mine is only worth £300 but because i dont use it for work the OR is taking it off me.

lisa

maxmycardagain

if you can verify its value and get a relative to buy it for that amount then the OR would probably be quite happy, especially if the money can be seized...............

alexwantsnodebt

Thanks mate. I haven't actually gone through the process of being hassled by creditors for months on end, but I'm borrowing from peter to pay paul with minimal living costs.

However, I can't borrow to pay minimum payments forever - very soon there'll be no more credit left. I'm also realising I'm borrowing without ever being able to pay it back - which is just digging myself a hole.

I'd be interested to hear if anyone else has gone bankrupt without going through the stage of being hassled morning and night and defaulting on payments for months? With my foresight can I avoid this by filing for bankruptcy?

Thanks,

alexwantsnodebt

Thanks for your replies. In response to fermi,

Work is a tricky subject. Guess everyone's situation is unique! I'm trying to finish a teacher training course but to be honest i'm heading towards failing it in the next couple of weeks. For just these next few weeks I'm being kindly sponsored by a relative.

Pass or fail, after the course, a car would save hours and hours a week on public transport getting to/from whatever job I can get, and it will help me widen my job search, but I guess that argument wouldn't wash with the OR?

fermi

Well, you have to show that a car is essential not just a conveniece.

This is rather involved, but it will give you an idea of how the OR looks at it.

Link: What will happen to my car?