Bankruptcy question

daprodukt

Hello,

I am considering going Bankrupt and wondered if anyone could help me with a question I have. I am also looking in to IVA's as well but wondered about this.

If I do go bankrupt what can they take from me?

I have just sold my house (split with fiancé) and with the money I had from the house which was 3K or so I had to pay family I owed money and start a new life, rent a place, furnish it etc.

So now that I have done that can they take it all away from me, I have a new TV, washing machine, bedroom furniture, living room furniture, microwave etc.

Please help?

earwig

hi they will only take household stuff that is worth money like a work of art or somthing like that the or wont be happy that you payed back your famley and may claim that money back and spread it more fairly with your creditor on the bankrupcty form they ask you if you have paid any money to creditors in the last year and they will want prof of what you did with the 3k hope this helps

rog2

Hi daprodukt,

I agree with earwig in that your household stuff should be safe, if you decide to go for bankruptcy. The car, if you have one, may be at risk, depending on value and whether you need it for work.
But, and this is a serious question, are you sure that Bankruptcy is your only option - I see that you also mention an IVA. Bankruptcy carries many long term implications and is usually only adviseable when your situation is really hopeless.
Why not post a SOA - Statement of Affairs, listing income and expenditure as well as your level of debt. Then we will be in a better position to offer you the most appropriate advice.