Assets help please.

Mrsunseeker

The only asset we have which may fetch over £1000 is a new 3 piece suite we got before christmas. Paid about £2300 for it.
We ordered it september 09 took delivery november. I was working at the time and had no idea I would be thinking about bankruptcy. We had to get the wife a riser chair due to her disability. Will we need to put this down has a asset.
Thanks.

immoral_angeluk

They're not interested in household goods unless they're extremely high value so I wouldn't worry about it.

dojoman

Did you use credit it to buy it?

sniggings

no you don't need to list it,the OR will be talking to you after your BR gos though and in most cases he/she will be asking questiopns about spending before BR so will in likely hood come up then.

Mrsunseeker

We paid cash/switch. It was a bit of money we had after paying of the mortgage and secured loan on a house we have sold in July 2009. We had to move into a bungalow because of the wifes disability in July 2008. The house had been empty and on the market for a year. This is where a lot of our debts have come from keeping and paying for 2 properties.
I was on a good income but have had to stop work due to wife developing another problem on the top of the one she had already. The debts are all in my name except about £600 overdraft we have which I want to clear before I do it so the wife does not have any undue stress of her going to court.

sniggings

if the OR asks the question you can tell them the reason you bought it,think it will be fine,as it was cash and also something you needed at the time.

sizzler

Hi there.

I would not list for OR.

You wuill be fine:)

Heycock

Hi. Don't worry about it. What you paid isn't the issue....it's what it's worth now that matters and as it's not antique, the OR is unlikely to be interested. What the OR has to consider is whether it's unreasonable for you to have such a "valuable" asset in bankruptcy and then how much it would fetch at auction after costs. Sad to say although you paid so much for it, it will NOT fetch anything like £1000 at auction. I used to do the auctions and it was quite a shock to see what stuff goes for. Peanuts mostly. That's why the OR doesn't get involved in disposal and realisation of personal assets at the lower end anymore.

sniggings

Heycock wrote: »

Hi. Don't worry about it. What you paid isn't the issue....it's what it's worth now that matters and as it's not antique, the OR is unlikely to be interested. What the OR has to consider is whether it's unreasonable for you to have such a "valuable" asset in bankruptcy and then how much it would fetch at auction after costs. Sad to say although you paid so much for it, it will NOT fetch anything like £1000 at auction. I used to do the auctions and it was quite a shock to see what stuff goes for. Peanuts mostly. That's why the OR doesn't get involved in disposal and realisation of personal assets at the lower end anymore.

would just like to add that if the OR considers that the money should not have been spent near to a BR then reclaiming the goods and selling them is not their only course of action,not that I'm saying this applies in your case,just to make it clear that just because the goods may not fetch much does not mean it's a closed case.

dojoman

As the others have already said if it was me I would not bother listing it.