Confused about what is neccesary and what is assets?

Katharine

I am worried sick about my spiraling debt and have gotten to the point where I have to sort it out permenantly, the APR's just keep going up, and I've been under-employed for the last two years. OH doesn't know the extent of it and I need a plan before I break it to him. Looking into the options I see none other than bankruptcy. I will be seeking professional advice on this of course. This seems an extreme option and now I'm worried about how it will effect life in general. I already lead a pretty meagre existence so in some ways it wont be so much of a shock but most of the things I do have I feel I need.

Looking at similar threads I've been quite surprised about what is allowed to be kept/put in the budget. I know you can keep things like household appliances and clothes. How on earth do you know what will go and what you can keep. My primary concern is my dog he is my best friend, can he be seen as an asset to be sold or as not essential? I don't consider myself to have any assets apart from a sub 1k car which I need. What happens to things that are joint owned with OH? Also how are items like wedding ring, ancient computer, sewing machine (a gift which I use to repair clothes), airrifle (for pest control and food) DVD's, CD's, compact digital camera viewed? Also things that were gifts like recent birthday pressie of a fishing rod? Do they look at your spending for years back and then ask you to prove whether things were bought for yourself or gifts for others?

I hope someone can shed some light as I am very confused and concerned. Thank-you all.

fatbelly

Hi Katharine

The only potential asset of the things you have listed is the car - Fermi has a link on this thread about 'cars and bankruptcy' - lots of other info there too!

On the form it asks about value of assets 'e.g. paintings, furniture, jewelery'. The're looking to see if you have a high-value item like a Rembrandt or a Stradivarius (Tommy Cooperused to say he had both but Stradivarius couldn't paint and Rembrandt made rotten violins).

Are you sure that this is your only option? I guess it could be if you're a non-property owner with more than 15k of debt and any debt management plan would take many years to clear the debt.

It is probably worth running things past someone like National Debtline or doing the CCCS debt remedy online.