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selling up

stenvee
Posts: 10 Forumite
hi
i am thinking of selling my house to pay off debts from what is left after paying my mortgage, moving into rented accomodation and then if i haven't been able to raise enough to clear all debts declare myself bankrupt. the family car is in my wifes name and is paid for. if it is just me declaring myself bankrupt can the car still be taken as an asset she uses it for her college course and ferrying the kids to various events. i myself have a motorbike worth £500 used for commuting to and from work would this be seen as an asset.:eek:
i am thinking of selling my house to pay off debts from what is left after paying my mortgage, moving into rented accomodation and then if i haven't been able to raise enough to clear all debts declare myself bankrupt. the family car is in my wifes name and is paid for. if it is just me declaring myself bankrupt can the car still be taken as an asset she uses it for her college course and ferrying the kids to various events. i myself have a motorbike worth £500 used for commuting to and from work would this be seen as an asset.:eek:
0
Comments
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If the sale of the property is not likely to cover your debts, then why bother doing it? House selling is stressful, as is BR and you dont want to deliberately put yourself in that sort of position.
Is your property in neg eq? Any secured loans against it? Can you afford it to keep the property??
If your wife does not work then the vehicle may indeed be seen as surplus to requirements and not exempted. The motorbike would be exempted as you work. But this assumes you both are going BR?? Are debts in both names?0
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